Small Saving Schemes: Before Diwali, the government gave gifts, increased interest on all small savings schemes including FD and KVP
The government has given a wonderful gift to the common people during the festive season. The government has increased the interest rates on small savings schemes. In this way, now you will get more interest than before on Sukanya Samriddhi Yojana, Kisan Vikas Patra and Senior Citizen Saving Schemes. The government reviews the interest rates on these small savings schemes every three months. The government on Thursday released new rates on these schemes for the third quarter.
According to the latest instructions of the government, interest rates on some small savings schemes have been increased by up to 0.3 percent. Due to the continuous increase in the repo rate by the Reserve Bank, the FD rates were increasing. But small schemes were not getting benefits. However, the interest rate on PPF, a savings scheme popular among salaried people, has been retained at 7.1 per cent.
| savings plan | old rate | update rate |
| savings deposit | 4.0 | 4.0 |
| 1 year time deposit | 5.5 | 5.5 |
| 2 year time deposit | 5.5 | 5.7 |
| 3 years time deposit | 5.5 | 5.8 |
| 5 year RD | 5.8 | 5.8 |
| Senior Citizen Saving Scheme | 7.4 | 7.6 |
| Monthly Income Account Scheme | 6.6 | 6.7 |
| National Savings Certificate | 6.8 | 6.8 |
| PPF | 7.1 | 7.1 |
| Kisan Vikas Patra | 6.9 | 7.0 |
| Sukanya Samriddhi Yojana | 7.6 | 7.6 |
Rates have increased on these schemes
As per the new rates, post office deposits for three years have now increased from 5.5 per cent to 5.8 per cent. At the same time, for the October-December quarter, the interest rate on Senior Citizens Savings Scheme will now increase from 7.4 per cent to 7.6 per cent. Talking about Kisan Vikas Patra, the government has revised both its tenure and interest rate. Interest on Kisan Vikas Patra will now be 7.0 percent, which was 6.9 percent earlier. At the same time, it will now mature in 123 months instead of 124 months.
Rates are fixed every quarter
The interest on small savings schemes is reviewed by the government every three months. During this review, a decision is taken whether to increase, decrease or keep the interest rate constant. These interest rates are decided by the Finance Ministry. This time the rates have been fixed for the quarter of October to December 2022.
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