Interest on savings account will be 4 percent as before. The interest on fixed deposits for tenures ranging from one year to five years will range from 5.5 per cent to 6.7 per cent. While the five-year recurring deposit (RD) will get 5.8 percent interest.
The government on Thursday did not change the interest rates on small savings schemes like Public Provident Fund (PPF) and National Savings Certificate (NSC) for the first quarter of the financial year 2022-23. There has been no change in the interest rates on these schemes from the first quarter of 2020-21. The annual interest rate on PPF, NSC will remain 7.1 percent and 6.8 percent respectively in the first quarter.
The Finance Ministry said in a notification, “There has been no change in the interest rates for the first quarter (April-June) of 2022-23 for various small savings schemes. That is, these schemes will get the same interest which was in the fourth quarter (January-March, 2021).” The interest rates for small savings schemes are notified on a quarterly basis.
The interest rate on one-year term deposits will be 5.5 per cent in the first quarter of the financial year beginning April 1, 2022. At the same time, 7.6 percent interest percent will be available on Sukanya Samriddhi Yojana, a savings scheme for girls. As per the notification, the five-year Senior Citizens Savings Scheme will continue to earn an interest rate of Re 7.4 per cent.
Interest on savings account will be 4 percent as before. The interest on fixed deposits for tenures ranging from one year to five years will range from 5.5 per cent to 6.7 per cent. While the five-year recurring deposit (RD) will get 5.8 percent interest.
