SSY Interest Rates: The interest rates on small savings schemes are expected to increase at the end of the month. The interest rate offered on small savings scheme is reviewed every quarter by the Finance Ministry.
PPF Interest Rates: If you also invest in small savings schemes run by the government like PPF, Sukanya Samriddhi Yojana, National Savings Certificate or Kisan Vikas Patra etc. then you will be happy after reading this news. Yes, good news for you can be announced by the government on 29th and 30th September. In order to bring down the continuously high level of inflation, RBI did not increase the interest rates in the MPC to be held in August. The interest given by banks on RD or FD is at its highest.
Expectation of increase in interest rates
In such a situation, the interest rate on small savings schemes is expected to increase at the end of this month. The interest rate offered on small savings scheme is reviewed every quarter by the Finance Ministry. After June, now this review is to be held at the end of September. Earlier, the interest rate of some Small Savings Scheme (SSY) was also increased in the review meeting on June 30. Earlier, the rate was also increased for the period April-June 2023.
RD interest rate also increased
In the change made on June 30, the government increased the rates for one-year and two-year post office FDs by 10 basis points (BPS), which were 6.9% and 7.0% respectively. Apart from this, the interest rate for 5 year recurring deposit of post office was increased by 30 bps. After this the interest rate on RD increased to 6.5%. Apart from this, there was no change in the interest rates of other schemes.
Let us tell you that the interest rate of Small Savings Scheme remained at the same level for 9 consecutive months from the second quarter of 2020-21 to the second quarter of 2022-23. Now changes are being made by the government for the last few days. It is being claimed in the media report that this time the interest rate of PPF may be increased by the government.
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