Ahead of ushering into new monetary yr, the Government of India (GoI) on yesterday introduced to maintain small saving schemes rate of interest unchanged for Q1FY23. These small saving schemes rate of interest consists of Public Provident Fund or PPF rate of interest, National Savings Certificate or NSC rate of interest and submit workplace small saving scheme rates of interest.
The Ministry of Finance introduced concerning the GoI’s choice by a notification dated thirty first March 2022 citing, “The rate of interest on various small savings schemes for the first quarter of the financial year 2022-23, starting from April 1, 2022, and ending on June 30, 2022, shall remain unchanged from the current rates applicable for the fourth quarter (January 1, 2022, to March 31, 2022) for FY 2021-22.”
So, PPF rate of interest will proceed to yield 7.10 per cent in April to June 2022 quarter whereas NSC rate of interest would proceed at 6.80 per cent each year. Those who’ve Sukanya Samriddhi Yojana or SSY accounts would proceed to get 7.60 per cent SSY rate of interest on their deposits in first quarter of the brand new monetary yr.
Similarly, submit workplace small saving investor will proceed to get return on their cash they have within the not too long ago ended quarter.
After the issuance of contemporary notification by the Ministry of Finance, one yr submit workplace time period deposit will proceed to ship 5.50 per cent return on an investor’s deposits in April to June 2022 quarter. Post workplace time period deposits for one to 5 years would proceed to ship 5.50 per cent to six.70 per cent each year. Interest price on 5 yr Post Office RD will stay at 5.80 per cent each year.
The rate of interest on 5-year senior citizen saving scheme would additionally proceed to ship 7.40 per cent for the primary quarter of recent fiscal. However, financial savings rate of interest would proceed at 4 per cent each year.
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