The government today kept the interest rates on small savings plans, including that of the Public Provident Fund or PPF, unchanged for the January-March quarter. The interest rates for small savings plans are revised quarterly. The interest rates of the various small savings plans for the fourth quarter 2020-2021, from January 1 and ending on March 31, 2021, will remain unchanged from those notified for the third quarter (October to December), the government said in a statement. declaration.
Besides the PPF, the government offers many small savings schemes including Sukanya Samriddhi Yojana (SSY), National Savings Certificate (NSC), Post Term Deposits, and Savings Scheme for the Elderly ( SCSS). The popular Sukanya Samriddhi Yojana Girls Savings Plan account continues to offer the highest interest rate among small savings plans.
Here are the interest rates on various small savings plans:
1) Public Provident Fund (PPF): The popular fiscal long-term savings plan, with a maturity of 15 years, yields 7.1%. Investors can benefit from a partial withdrawal after 5 years, while they can also extend the account beyond 15 years. A minimum deposit of ??500 per year is required to keep the account active.
2) Senior Savings Plan (SCSS): Investors aged 60 can deposit up to ??15 lakh in a senior savings plan to earn regular interest income on a quarterly basis. The senior plan offers an interest rate of 7.4%.
3) Sukanya Samriddhi Yojana (SSY): He will continue to charge an interest rate of 7.6%. A maximum of 2 accounts is allowed for a household of two girls individually.
4) Term deposits at a post office: You can also open term deposits at a post office for terms of 1, 2, 3 or 5 years. It is similar to term deposits offered by banks. The 1 to 3 year postal term deposits give an interest rate of 5.5%. The five-year term deposit gives 6.7%.
5) 5 years Post Office RD: This recurring deposit system offered by post offices will give new investors an interest rate of 5.8%.
6) National Savings Certificate (NSC): This 5-year program offers 6.8% compounded annually but payable at maturity. ??1000 grows to ??1389.49 after 5 years.
7) The Kisan Vikas Patra (KVP) will mature or double in value in 124 months (10 years and 4 months), i.e. an interest rate of 6.9%.
Never miss a story! Stay connected and informed with Mint. Download our app now !!
