Post Office Small Savings Scheme: The Modi government has taken a big decision on the interest rates on small savings of the post office. For the first quarter of the financial year 2021-22, ie from April to June, the interest rates on these small savings schemes have been cut. For April to June, the government has cut the post office interest by 1.10 per cent on interest on schemes like FD, NSC, PPF, Sukanya, RD, Senior Citizens Scheme and Kisan Vikas Patra.
Explain that the government reviews the interest rates of small savings scheme for every quarter of the financial year and changes it if required. The tradition of fixing interest rates on a quarterly basis has been going on since 1 April 2016. The interest rates on the Small Savings Scheme are linked to the yield of Government Securities (G-Sec).
Time deposit scheme
Post office time deposit scheme has the facility of investment from 1 year to 5 years. The returns in this have decreased.
First now
5.50% 4.40% on 1 year deposit
5.50% 5.00% on 2 years deposit
5.50% 5.10% on 3 years deposit
6.70% 5.80% on 5 years deposit
RD
The post office RD used to get interest at the rate of 5.8 per cent per annum, which has now been reduced to 5.3 per cent. Maturity is 5 years old.
Senior Citizens Scheme
The Senior Citizen Savings Scheme used to get interest at the rate of 7.4 per cent per annum, which has now been reduced to 6.5 per cent.
Monthly income scheme means MIS
The post office MIS used to get 6.6 percent interest annually. Now it has reduced to 5.7 percent annually.
National Savings Certificate (NSC)
Earlier NSC used to get 6.8 per cent interest annually. This has now been reduced to 5.9 percent.
PPF
Investment in public provident fund would earn an interest of 7.1 per cent per annum. It has decreased and now you will get interest at 6.4% per annum.
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Kisan Vikas Patra (KVP)
Kisan Vikas Patra used to get 6.9 percent interest rate annually, which has now come down to 6.2 percent after the deduction. With this, there used to be a maturity in the first 124 months, which has been reduced to 138 months.
Sukanya Samriddhi Scheme
Earlier, this scheme used to get 7.6 percent annual interest, which has now been reduced to 6.9 percent.
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