Savings scheme

PPF, NSC, Postal savings rate unchanged. Check details

Written by Shankhyaneel Sarkar | Edited by Poulomi Ghosh, Hindustan Times, New Delhi

The Union’s finance ministry said on Thursday it was maintaining interest rates on small savings schemes such as the Public Provident Fund (PPF), Sukanya Samriddhi Yojana (SSY) and other postal schemes. This is the sixth consecutive quarter (October-December) that interest rates have remained unchanged.

The announcement by the Ministry of Finance means that the interest rate earned in the July-September quarter of fiscal 22 will remain unchanged for the next quarter. New investments that could be made during the October-December 2021 quarter will also benefit from the same interest rates as in the previous quarter.

The finance ministry, in its circular, said that the PPF will continue to generate an interest rate of 7.10%, while the National Savings Certificate (NSC) will continue to reach 6.8%, the account of the The post’s monthly income scheme will earn 6.6% and savings of the elderly. Plan the interest rate will be 7.4%.

The five-year monthly income account plan offers 6.6% payable monthly. The five-year NSC continues to offer 6.8% compounded annually. On one year term deposit the interest rate is 5.5% while on the five year deposit the rate is 6.7% per annum. “The interest rates of the various small savings plans for the third quarter of fiscal year 2021-2022 beginning on October 1, 2021 and ending on December 31, 2021, will remain unchanged from the current rates applicable for the second quarter ( June from 1, 2021 to September 30, 2021) for the 2021-2022 fiscal year, ”said the Ministry of Finance.

The one-year term deposit system will continue to earn an interest rate of 5.5%. The Sukanya Samriddhi Yojana Girls Savings Plan Account will earn 7.6% interest. The five-year senior savings plan will retain the 7.4% interest rate and will be paid quarterly. The interest rate on savings deposits will remain at 4% per year.

One to five year term deposits will earn interest rates of 5.5-6.7% and will be paid quarterly. Five-year recurring deposit interest rates will earn 5.8% higher interest. Small investors will be able to obtain better interest rates than bank term deposits (FD) thanks to these small savings programs.

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