Let us know that before the Assembly elections of 5 states, the interest rates of small savings schemes were cut on 31 March, but on the very next day, Finance Minister Nirmala Sitharaman withdrew the decision, stating that it was a mistake.
New Delhi. There is big news for investors of small savings schemes issued by the central government. The returns of those investing in these schemes can get a jolt. Interest rates on small savings schemes such as Sukanya Samriddhi, National Savings Certificates (NSC) and PPF may decrease. In some media reports, it is being claimed that the central government can take a decision on cutting the interest rates of small savings schemes, if this happens, from July 1, small savings schemes will get less interest. According to the report, the decision to cut the interest rate on small savings schemes will be taken in the next month i.e. June and it will be applicable from July 1. This review is due by 30 June. ..So the government can take a decision
Experts believe that both financial and monetary support is needed to regain the growth momentum. Reduction in interest of small savings schemes will reduce the cost of borrowing of the government, which will give support to the economy. Both the Reserve Bank and Banks are in favor of a cut in interest rates. Let us tell you that before the Assembly elections of 5 states, the interest rates of small savings schemes were cut on 31 March, but on the very next day, Finance Minister Nirmala Sitharaman withdrew the decision, stating this as a mistake. It may be that the government had withdrawn this decision in view of the assembly elections, but now there is no such compulsion of the government. The government fixes the interest rates of small savings schemes every quarter. 30 June is the date of the next review.
What are the current interest rates? Scheme Interest Rate Interest Rate << Sukanya Samriddhi Scheme (SSS) 7.6%
|Scheme interest rate||Rate of interest|
|Sukanya Samriddhi Scheme (SSS)||7.6%|
|Senior Citizen Saving Scheme||7.4%|
|Public Provident Fund (PPF)||7.1%|
|Kisan Vikas Patra (KVP)||6.9%|
|National Saving Certificate (NSC)||6.8%|
|Monthly income account||6.6%|