Small Savings Schemes: Center’s New Year’s Gift. Increase in interest rates on Post Office Savings Schemes. Good for them!

Small Savings Schemes Small Savings Schemes Interest Rates

The center said Goodnews, Increase in interest rates on small savings schemes, Senior Citizen Savings Scheme in the list, But they are disappointed

Small Saving Schemes: Small Savings Schemes: As soon as we enter the new year, the Center has given us some good news. Increased interest rates on some small savings schemes. It made an announcement to this effect last Friday. The increased interest rates will come into effect from today i.e. January 1, 2023. The Senior Citizen Savings Scheme is among the schemes that have increased interest rates. But let us now know how much the interest rates have increased.

Small Saving Schemes:

The central government has given good news to people in the new year. It has announced to increase the interest rates on some small savings schemes. The interest rate hike was announced on Friday and will come into effect from today i.e. January 1. In relation to this January-March quarter.. has made revisions in interest rates. The Center has increased the interest rates on the senior citizen savings scheme. However, there has been no change in the interest rates on the Public Provident Fund ( PPF ) and Sukanya Samriddhi Yojana schemes. Due to this, those who have made savings are disappointed.

The Center has announced that the increased interest rates will be in the range of 20 to 110 basis points. That means a minimum of 20 basis points and a maximum of 110 basis points. Interest rates on National Savings Certificates ( NSC ) have been increased. And the same will be applied to Post Office Budget Schemes. Earlier the interest rate on NSC was 6.8 per cent, which has increased by 20 basis points to 7 per cent.

Similarly, the interest rate on Senior Citizen Savings Scheme has increased by 40 basis points. Earlier it was 7.6 percent.. According to the increased interest rate, now the center is offering the highest interest up to 8 percent. The Center has also increased the interest rates on these small savings schemes in the wake of the recent increase in interest rates by the Reserve Bank of India (RBI). The RBI recently raised the repo rate by 35 basis points to a total of 6.25 percent to curb high inflation. It is noteworthy that the repo rate has increased by 2.25 percent this year alone.

Post Office has announced an increase in interest rate by 1.1 percent on Fixed Deposit Scheme with tenors ranging from 1 year to 5 years. The interest rate on monthly income scheme was earlier 6.7 percent, but now it has been increased by 40 basis points to 7.1 percent. The Shyamala Gopinath Committee recommended that these interest rates should be higher by 25 to 100 basis points compared to government bonds. But after four years, it has increased interest rates on small savings schemes in the last quarter as well. But then it increased only by 10 to 30 basis points.

Kisan Vikas also increased interest rate by 20 basis points to 7.2 percent. The only thing that disappointed some was the non-increase in interest rates on the Sukanya Samriddhi Yojana.

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