PPF NSC Sukanya Samriddhi Yojana KVP Interest Rate Hike From 1st July 2022

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PPF NSC Sukanya Samriddhi Yojana KVP Interest Rate Hike From 1st July 2022

Government Saving Schemes: Be happy if you invest in savings schemes like NSC, PPF and Sukanya Samridhi Yojna. Because from July 1, 2022, you are going to get tremendous returns on investment in these schemes. There is good news for you. It is believed that the central government can increase the interest rates tremendously on its PPF and savings schemes like Sukanya Samriddhi. It is expected that from July 1, 2022, the Finance Ministry can announce to increase the interest rates on the government’s savings schemes from 0.50 to 0.75 percent. Let us tell you that before the start of every quarter, the Finance Ministry reviews and announces the interest rates of government savings schemes.

Interest rates may increase on savings schemes
After the decision of RBI to increase the repo rate by 0.90 percent, many banks have started increasing the interest rates on deposits. In such a situation, it is expected that from July 1, these government savings schemes can also increase the interest rates. At present, Public Provident Fund (PPF) gets 7.1 percent annual interest rate, NSC i.e. National Saving Certificate is getting 6.8 percent annual interest. Interest is getting 7.6 percent on Sukanya Samridhi Yojna and 7.4 percent interest on Senior Citizen Tax Saving Scheme. Kisan Vikas Patra is getting 6.9 percent interest. One year fixed deposit Interest rate of 5.5 percent is being given on the scheme, 5.5-6.7 percent interest rate on one to five year fixed deposit and 5.8 percent interest is being given on five year deposit scheme.

No change in interest rates from April 2020
Let us tell you that there has been no change in the interest rates of small savings schemes since the first quarter of 2020-21. Earlier, the Finance Ministry said in a notification that, the interest rate 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, for the fourth quarter (January) will remain unchanged from the current rates applicable for Rs. In fact, the interest rates for small savings schemes are notified on a quarterly basis.

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