Increase in interest rates in PO -Saving Scheme, no change in PPF and SSY

Business News Determination !!! There is good news for senior citizens and general investors, the government on Friday raised interest rates on the post office savings scheme, National Savings Certification (NSC), Senior Citizen Savings Scheme and Kisan Vikas Patra (CCP). According to a notice by the Ministry of Finance, together with a deposit of up to 5 percent, the rates of NSC, senior Citizen Savings Scheme and CCP were increased by up to 1.1 percent. The altered interest rates will apply between January 1, 2023 to 31 March 2023. However, interest rates for more popular savings, such as PPF and Sukanya Samriddhi Yojana (Ssy), were held at 7.1 percent and 7.6 percent respectively, that is, no changes were made. This is the second consecutive quarter, when interest rates for selected schemes have been raised. There was no change in the interest rates of these schemes for nine consecutive quarters before October 1, 2022. Interest rates of small savings schemes are usually revised every quarter. The notice states that with the latest amendment, 6.6 percent interest will be available in post offices, 6.6 percent interest on two-year deposit, interest will be available at a 6.9 percent rate on the three-year deposit amount, while interest earned for five years will be 7 percent. Senior citizen saving scheme will receive interest at 8 percent during the January-March period. For KVP, the government raised the interest rate by 7.2 percent, although it was at a low maturity period of 120 months. Currently, KVP has a 7 percent interest rate at a 123 -month expiration date. The monthly revenue scheme earns 40 basis points higher 7.1 percent, while the NSC interest rate increased by 20 basis points to 7 percent. The interest will still be received at 4 percent per year at players. The Reserve Bank of India increased the Repo rate five times from May this year, which is why banks were allowed to raise the interest rate on deposit. -Ians CC/ANM shares this story