Small savings schemes interest rate news in Hindi: The central government has given a big relief to the common man on small savings schemes. The government has withdrawn the order to cut interest rates on small savings schemes. That is, interest will continue to be given on small savings schemes for the June 2021 quarter from April. Earlier on Wednesday, 31 March, the government announced a cut in interest rates on these schemes. These include popular savings schemes like PPF and NSC. The interest rate on these schemes was reduced by 1.1 per cent. Finance Minister Nirmala Sitharaman herself has tweeted the information about withdrawal of the deduction order.
Review is done every quarter
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).
Interest rates of small savings schemes of GoI shall continue to be at the rates which existed in the last quarter of 2020-2021, ie, rates that prevailed as of March 2021.
Orders issued by oversight shall be withdrawn. @FinMinIndia @PIB_India– Nirmala Sitharaman (nsitharaman) April 1, 2021
How much interest on which scheme
Time deposit scheme
On 1 year deposit: 5.50%
On 2 years deposit: 5.50%
On 3 years deposit: 5.50%
On 5 years deposit: 6.70%
RD: As before, interest will be given on the RD of the post office at the rate of 5.8 per cent per annum. Maturity is 5 years old.
Senior Citizens Scheme: The Senior Citizen Savings Scheme will continue to receive interest at the rate of 7.4 per cent per annum.
Monthly income scheme means MIS: The post office MIS has an interest of 6.6 per cent per annum.
National Savings Certificate (NSC): NSC will get 6.8 per cent interest annually as before.
PPF: Investment in public provident fund will get interest of 7.1 per cent per annum. Its maturity is 15 years old.
KVP: The interest rate on Kisan Vikas Patra is 6.9 percent per annum. That is, it will be mature in 124 months.
Sukanya Samriddhi Scheme: The first interest on this scheme is 7.6 percent per annum.
What was the order on Wednesday
On 31 March, the Modi government announced a cut on the interest rates on small savings of the post office. As per the order, interest rates on these small savings schemes were cut by 1.1 per cent for the first quarter of FY 2021-22 ie from April to June.
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