The Union Finance ministry raises the interest rates on select small saving schemes
Tags: Economy/Finance Government Schemes
The Union Ministry of Finance has increased interest rates on certain small saving schemes on 29 September 2022. It will be applicable from 1 October 2022. This is the first time small savings rates have been hiked since the January to March quarter of 2019.
The interest rates on the small savings scheme are revised after every quarter.
Small Saving Schemes are deposit schemes of the government of India where the people are assured of safety and return and the government uses the money for development purposes. These schemes are operated through Post offices in India.
Unlike Banks where interest rates are decided by the banks, the interest rates in the small saving scheme are decided by the government of India.
New Interest rates on Small Saving Schemes
Name of the Scheme | Interest Rates (from 1October 2022) |
Senior Citizens Savings Scheme | 7.6% (earlier 7.4%) |
Kisan Vikas Patra | 7 %( earlier 6.9%). The amount will double in 123 months. |
Monthly Income Schemes | 6.7% (earlier 6.6%) |
3 year Term deposit (fixed deposit) with Post Office | 6.7% (earlier 6.6%) |
No Change in Interest rates of the following Small Saving Scheme
Scheme | Interest rates |
Public Provident Fund (PPF) | 7.1% |
National Savings Certificate (NSC) | 6.8 % |
one-year Term Deposit scheme of the Post Office | 5.5% |
Sukanya Samridhdhi Yojana | 7.6% |
Post Office Saving Account | 4% |
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