Ahead of ushering into new monetary year, the Government of India (GoI) on yesterday introduced to maintain small saving schemes interest rate unchanged for Q1FY23. These small saving schemes interest rate contains Public Provident Fund or PPF interest rate, National Savings Certificate or NSC interest rate and put up office small saving scheme interest rates.
The Ministry of Finance introduced in regards to the GoI’s resolution by means of a notification dated thirty first March 2022 citing, “The rate of interest on various small savings schemes for the first quarter of the financial year 2022-23, starting from April 1, 2022, and ending on June 30, 2022, shall remain unchanged from the current rates applicable for the fourth quarter (January 1, 2022, to March 31, 2022) for FY 2021-22.”
So, PPF interest rate will proceed to yield 7.10 per cent in April to June 2022 quarter whereas NSC interest rate would proceed at 6.80 per cent each year. Those who’ve Sukanya Samriddhi Yojana or SSY accounts would proceed to get 7.60 per cent SSY interest rate on their deposits in first quarter of the brand new monetary year.
Similarly, put up office small saving investor will proceed to get return on their money they have within the just lately ended quarter.
After the issuance of contemporary notification by the Ministry of Finance, one year put up office time period deposit will proceed to ship 5.50 per cent return on an investor’s deposits in April to June 2022 quarter. Post office time period deposits for one to 5 years would proceed to ship 5.50 per cent to six.70 per cent each year. Interest rate on 5 year Post Office RD will stay at 5.80 per cent each year.
The interest rate on 5-year senior citizen saving scheme would additionally proceed to ship 7.40 per cent for the primary quarter of recent fiscal. However, financial savings interest rate would proceed at 4 per cent each year.
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