The central government is not making any changes in the interest rates of small savings schemes for the sixth consecutive quarter. Therefore, interest on Public Provident Fund (PPF), Sukanya Samriddhi Yojana (SSY) and other small savings schemes will continue to be available at the same rate as before.
New Delhi. The central government has decided not to make any changes in the interest rates of small savings schemes during the December 2021 quarter. In other words, people investing money in Public Provident Fund (PPF), Sukanya Samriddhi Yojana (SSY) and other small savings schemes will continue to get interest at the same rate as before. The Center is not making any change in the interest of small savings schemes for the sixth consecutive quarter. Explain that the interest rate on small savings schemes by the government changes every quarter. Small savings schemes are highly preferred due to guaranteed returns and no risk appetite.
Existing interest rates
- 4% interest rate is available on the post office savings scheme.
- 5.5% interest rate on deposits of 1 to 3 years.
- There is an interest rate of 6.7% on 5 year deposits.
- Interest is available at the rate of 5.8% on 5 years Recurring Deposit (RD).
- Interest is available at 7.4% in the Senior Citizens Savings Scheme for 5 years.
- The interest rate on the 5-year monthly income account is 6.6%.
- The rate on the 5-year National Savings Certificate (NSC) is 6.8%.
- Investment in Public Provident Fund (PPF) will get 7.1% interest.
- Interest is being available on Kisan Vikas Patra (KVP) at the rate of 6.9%.
- At present the rate of interest in Sukanya Samriddhi Yojana is 7.9%.
With Sukanya Samriddhi Yojana
Government Scheme Sukanya Samriddhi Yojana (SSY), you can secure the future of your beloved. Also, investing money in this great investment option also helps you save income tax. This scheme is a small savings scheme of the central government for daughters. Account under Sukanya Samriddhi Yojana can be opened in any authorized branch of any post office or commercial branch. Under this scheme, the account can be opened after the birth of the girl child before the age of 10 years with a minimum deposit of Rs 250. It can be continued till the girl child turns 21 or after the age of 18 years of marriage. In the current financial year, up to Rs 1.5 lakh can be deposited under Sukanya Samriddhi Yojana.
Kisan Vikas Patra
post office (Post Office) of Kisan Vikas Patra (Kisan Vikas Patra KVP) your money in the plan is safe. Also, you will get double returns on maturity. This is a one time investment scheme of the Government of India, where the money is doubled in a fixed period. It is present in all post offices and big banks of the country. Its maturity period is 124 months. The minimum investment in this is Rs 1000. There is no maximum investment limit. The age of the investor must be at least 18 years. Apart from the single account, there is also the facility of joint account in this. This scheme is also for minors, which has to be looked after by the guardian. This scheme does not come under Section-80C of the Income Tax Act. Therefore, any return that comes will be taxed.
Public Provident Fund
Premature closure of account is allowed after completion of 5 financial years in Public Public Provident Fund. One percent less interest will have to be paid on the loan against the PPF account. Tax exemption under section 80C is available on investment up to Rs 1.5 lakh annually in PPF account. There is no tax on interest income also. The amount received on maturity is also not subject to tax. Money deposited in PPF cannot be confiscated. You can deposit money in PPF account even after maturity. A PPF account can be opened in the name of an individual. A PPF account can also be opened for a minor or a retarded person. A minimum of Rs 500 has to be invested in PPF every year.
