- The announcement made by the finance ministry signifies that the rate of interest earned through the July to September quarter of FY 22 will stay unchanged for the following quarter.
Written by Shankhyaneel Sarkar | Edited by Poulomi Ghosh, Hindustan Occasions, New Delhi
PUBLISHED ON SEP 30, 2021 09:09 PM IST
The Union ministry of finance on Thursday introduced that it’s protecting the rates of interest of small saving schemes akin to Public Provident Fund (PPF), Sukanya Samriddhi Yojana (SSY) and different post-office schemes unchanged. That is the sixth quarter (October-December) in a row that the rates of interest had been stored unchanged.
The announcement made by the finance ministry signifies that the rate of interest earned through the July to September quarter of FY 22 will stay unchanged for the following quarter. New investments which can be made through the October-December 2021 quarter may even garner the identical rates of interest as they did within the earlier quarter.
The finance ministry in its round mentioned that the PPF will proceed to garner 7.10% rate of interest, whereas the Nationwide Financial savings Certificates (NSC) will proceed to fetch 6.8%, the Publish Workplace Month-to-month Earnings Scheme Account will earn 6.6% and the Senior Citizen Financial savings Scheme the rate of interest will probably be 7.4%.
The five-year month-to-month revenue account scheme is providing 6.6% payable month-to-month. The five-year NSC continues to supply 6.8% compounded yearly. The one-year time deposit, the speed of curiosity is at 5.5% whereas on the five-year deposit the speed is 6.7% every year. “The charges of curiosity on numerous small financial savings schemes for the third quarter of the monetary 12 months 2021-22 ranging from October 1, 2021, and ending on December 31, 2021, shall stay unchanged from the present charges relevant for the second quarter (June 1, 2021 to September 30, 2021) for FY 2021-22,” the finance ministry mentioned.
The one-year time period deposit scheme will proceed to garner an rate of interest of 5.5%. The woman youngster saving scheme Sukanya Samriddhi Yojana account will earn 7.6% curiosity. The five-year senior residents’ financial savings scheme will proceed to retain the 7.4% rate of interest and is paid on a quarterly foundation. The rate of interest for saving deposits will proceed to be 4% every year.
The time period deposits of 1 to 5 years will fetch rates of interest at 5.5-6.7% and will probably be paid quarterly. The rates of interest of the five-year recurring deposits will earn a better curiosity of 5.8%. Small traders will have the ability to fetch higher rates of interest than financial institution fastened deposits (FDs) via these small financial savings schemes.
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