Gift to investors of small savings scheme, increase in interest rates by 20 basis points, PPF investors again disappointed.

Gift to investors of small savings scheme, increase in interest rates by 20 basis points, PPF investors again disappointed.

Small Saving Rate Hike: The Finance Ministry has announced the interest rates of small savings schemes for the third quarter of the current financial year from October to December. And for this period only, it has been decided to increase the interest rates of 5 year recurring deposits of Post Office by 20 basis points. At the same time, it has been decided not to make any change in the interest rates of Kisan Vikas Patra including PPF, Sukanya Samriddhi Yojana. 

Interest rates increased by 20 basis points 

The Department of Economic Affairs of the Finance Ministry has announced the interest rates for the October to December quarter. Interest rates on 5-year recurring deposits have been increased from 6.5 percent to 6.7 percent. Interest rates have been increased by 20 basis points. Whereas it has been decided not to make any change in the interest rates of post office deposit schemes with different tenures. 

No change in the interest rates of these schemes 

8 percent interest will be available on Sukanya Samriddhi Yojana from 1 October 2023 to 31 December 2023. The interest rate on National Savings Certificate has been maintained at 7.7 percent. Those investing in Kisan Vikas Patra will get 7.5 percent interest and it will mature in 115 months. Senior Citizen Saving Scheme will get 8.2 percent interest in this quarter. You will get 7.4 percent interest on investment in Post Office Monthly Income Account Scheme. 6.9 percent interest will be available on deposits with a tenure of one year, 7 percent on deposits with a tenure of 2 years, 7 percent on deposits with a tenure of 3 years and 7.5 percent on deposits with a tenure of 5 years.  

Disappointment among PPF investors 

Once again there has been no increase in the interest rates of Public Provident Fund and investors investing in it will get only 7.1 percent interest. There has been no change in the interest rates of PPF since April 2020, while during this period RBI has increased the repo rate by 2.50 percent. The government has increased the interest rates of all savings schemes. But investors investing in PPF are disappointed. 

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