Sukanya Samriddhi Yojana: The Finance Ministry will review the interest rates of small savings schemes for the fourth quarter of 2022-23 from January to March. In which the decision to increase the interest rates can be taken.
Small Saving Schemes Rate Hike: In the new year, investors investing in small savings schemes can get a big gift. On December 31, 2022, the Modi government may announce an increase in the interest rates of small savings schemes. In fact, the Finance Ministry will review the interest rates of small savings schemes for the fourth quarter of this financial year 2022-23 from January to March, in which it is believed that PPF (PPF) and Sukanya Samriddhi Yojana (Sukanya Samriddhi Yojna) NSC (NSC) For example, an announcement can be made to increase the interest rates on savings schemes.
Interest rates not increased on PPF – Sukanya Samriddhi Yojana
RBI has announced an increase in the repo rate for the fifth consecutive time. The repo rate has been increased from 4 percent to 6.25 percent. But the government has not increased the interest rates of many small savings schemes. There has been no change in the interest rates of PPF, Sukanya Samriddhi Yojana and NSC. 7.1 percent on Public Provident Fund, 6.8 percent on NSC i.e. National Savings Certificate, 7.6 percent interest on Sukanya Samriddhi Yojana remains the same. Now it is believed that after increasing the repo rate by 2.25 percent, the interest rates of these schemes can be increased by the government.
Interest rates were increased on these small savings schemes
In the third quarter only the interest rate of Kisan Vikas Patra was increased from 6.9 per cent to 7 per cent. The maturity period was reduced from 124 months to 123 months. The interest rate on Senior Citizen Savings Scheme was increased from 7.4 per cent to 7.6 per cent. Instead of 6.6 per cent on Monthly Income Account Scheme, 6.7 per cent instead of 5.5 per cent on post office two-year fixed deposit scheme, 5.7 per cent instead of 5.5 per cent on 3-year fixed deposit scheme was made 5.8 per cent.
Yield on government bonds increased
Due to inflation, weakness in rupee against dollar and increase in interest rates, the yield on government bonds has increased in the last one year. Despite this, schemes like NSC and Sukanya Samriddhi Yojana, which are linked with these bonds, did not change their interest rates. In 2011, the Gopinath Committee suggested that the interest rates on such small savings schemes should be 25 to 100 basis points higher than the government bond yields.
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