Interest rates on small savings schemes hiked!!!

The central government on thursday announced the interest rates of the Small Savings Scheme for the third (October-December) quarter. This time the government has increased the interest rate on small savings schemes by up to 30 basis points for the quarter starting october 1. This means that small savings schemes like two, three year Fixed Deposit, Senior Citizen Saving Scheme, etc. will fetch higher interest rates for the third quarter. The same interest rates will continue to be available on Saving Deposit, One-Five Year FD, National Saving Scheme, sukanya Samriddhi Yojana, and Public Provident Fund.

What will be the interest rates?

The interest rate has also been increased from 7.4 per cent to 7.6 per cent for Senior Citizen Savings Scheme, from 6.9 per cent to 7 per cent for Kisan Vikas Patra and for fixed deposits of two-three years. The interest rate for the Monthly Income Account Scheme has also been increased to 6.7 per cent from the current 6.6 per cent. The reserve bank of india has increased the benchmark lending rate by 140 basis points from May, prompting banks to raise interest rates on deposits as well.

Changes are seen after 27 months

Even though the central government has not increased the interest rates of all the schemes, the schemes which have seen changes are after 27 months. There was no change in these schemes from the first quarter of the financial year 2020-21. There was also pressure from the common people to demand an increase in the interest rates of small savings schemes from the government. In such a situation, the government has increased the interest rates of some schemes by 30 basis points.

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