Thursday, July 1, 2021

Government keeps interest rates for small savings schemes unchanged

Government keeps interest rates on small savings schemes unchanged for Q2

NEW DELHI: In a comfort to savers, the authorities on Wednesday stored activity costs on small financial savings schemes, inclusive of NSC and PPF, unchanged for the 2d quarter of 2021-22 amid the Covid-19 pandemic.

Public Provident Fund (PPF) and National Savings Certificate (NSC) will proceed to elevate an annual pastime fee of 7.1 per cent and 6.8 per cent, respectively, in the 2d quarter as well.

"The fees of hobby on more than a few small financial savings schemes for the 2nd quarter of the monetary yr 2021-22 beginning from July 1, 2021, and ending on September 30, 2021, shall continue to be unchanged from the modern-day charges relevant for the first quarter (April 1, 2021 to June 30, 2021) for FY 2021-22," the finance ministry stated in a notification.

The government had on April 1 hastily revoked a steep pastime charge reduce of up to 1.1 per cent for the first quarter on small financial savings schemes, citing oversight.
As a result, the first quarter prices had been retained at the degree of the fourth quarter of the closing monetary year. The reduce used to be touted as the steepest reduce in many decades.

Interest quotes for small financial savings schemes are notified on a quarterly basis.

One-year time period credit scheme will proceed to earn an hobby charge of 5.5 per cent at some stage in the 2d quarter of the cutting-edge fiscal, whilst the lady baby savings scheme Sukanya Samriddhi Yojana account will earn 7.6 per cent.

The activity charge on the five-year senior residents financial savings scheme would be retained at 7.4 per cent. The hobby on the senior citizens' scheme is paid quarterly.

Interest charge on financial savings deposits will proceed to be four per cent per annum.

Term deposits of one to 5 years will fetch an hobby charge in the vary of 5.5-6.7 per cent, to be paid quarterly, whilst the activity price on five-year habitual deposits will earn a greater pastime of 5.8 per cent.

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