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There will be no change in the interest rates of Small Savings Scheme: Finance Ministry

There will be no change in the interest rates of Small Savings Scheme: Finance Ministry


Business

oi-Rizwan M

,

Published: Thursday, March 31, 2022, 18:03 [IST]

New Delhi, March 31:
The central government has decided not to make any changes in the interest rates of small savings schemes. On Thursday, the Center has announced to retain the old interest rates (currently applicable rates) in the schemes. This has been announced for the quarter starting April 1 of the financial year.

  Finance Ministry

On behalf of the Ministry of Finance, it has been said that for the first quarter of the financial year 2022-23 starting from 1st April 2022 and ending on 30th June 2022, the fourth quarter of the financial year 2021-22 (from 1st January 2022) on various small savings schemes. The interest rate applicable as on March 31, 2022) will remain applicable. Explain that the interest rates on these schemes are reviewed every quarter. However, there has been no change in the interest rates of the Small Savings Scheme for the last two years.

People were apprehensive of reducing the interest rate

The Employees’ Provident Fund Organization (EPFO) has recently reduced the interest rate on PF to 8.1 percent. Which is the lowest interest rate in the last 40 years. It was being said that after the reduction in the interest rates on PF, the interest rates of the Small Savings Scheme can be cut. However, the Finance Ministry has decided not to change the interest rates for the first quarter.

Small Savings Schemes include Public Provident Fund with 7.1 percent interest, Sukanya Samriddhi Account with 7.6 percent interest, Senior Citizen Saving Scheme with 7.4 percent interest, 4 percent per annum on Post Office Savings Account, 5.8 percent on 5 Year Post Office RD Account, Post There are schemes like 5.5-6.7% interest on office time deposit account.

Story first published: Thursday, March 31, 2022, 18:03 [IST]



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