RBI Hikes Repo Rate Again Interest Rate On PPF Sukanya Samridhi Yojna Kisan Vikas Patra Likely To Be Raised

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RBI Hikes Repo Rate Again Interest Rate On PPF Sukanya Samridhi Yojna Kisan Vikas Patra Likely To Be Raised

Small Saving Schemes: RBI has increased the repo rate for the third consecutive time while announcing the monetary policy. The repo rate has increased by 1.40 percent in three months. After which the loan is getting expensive. Banks have also increased deposit rates. But the surprising thing is that the interest rates are not being increased on the savings schemes in which most common Indians invest. The interest rates of savings schemes like NSC, PPF and Sukanya Samridhi Yojna have not been increased. But after the RBI’s decision to increase the repo rate by 0.50 percent once again on Friday, August 5, 2022, the possibility of increasing interest rates on these savings schemes at the end of September has increased.

Interest rates may increase on savings schemes
After the decision of RBI to increase the repo rate, many banks have announced to increase the interest rates on deposits. On June 30, 2022, the Finance Ministry did not make any changes in the interest rates of small savings schemes. But for the third quarter of the current financial year on September 30, 2022, when the Finance Ministry will review the interest rates of these savings schemes, then the interest rates on these savings schemes can be increased.

Interest Rate on Savings Schemes
At present, the interest rate on Public Provident Fund is 7.1 percent per annum, 6.8 percent on NSC ie National Saving Certificate, 7.6 percent on Sukanya Samridhi Yojana, 7.4 percent on Senior Citizen Saving Scheme, farmers An interest rate of 6.9 percent is being given on Vikas Patra, 5.5 percent on one-year fixed deposit scheme and 5.5-6.7 percent on fixed deposits of one to five years. Whereas 5.8 percent interest is being given on the five-year deposit scheme.

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