New Delhi: The government on Thursday kept the interest rates of small savings schemes – Public Provident Fund (PPF), Sukanya Samriddhi Yojana (SSY), among others, unchanged for the October-December quarter. The Finance Ministry has decided not to tinker with rates for the sixth consecutive quarter.
“The rate of interest on various small savings schemes for the third quarter (Q3) of the financial year 2021-22 commencing from October 1, 2021 and ending on December 1, 2021, will remain unchanged from the current rates applicable for the second quarter (Q2) ) FY 2021-22,” read a notification from the ministry.
This notification implies that those who have invested in Public Provident Fund (PPF), Sukanya Samriddhi Yojana (SSY) and other savings schemes will continue to earn at the same rate of interest as for the quarter ended September 30, 2021. earned during
The interest rates for small savings schemes are notified on a quarterly basis. At present, India Post or the Department of Posts, which runs postal services, offers nine types of small savings schemes.
Popular post office schemes like Public Provident Fund, Sukanya Samriddhi Yojana and Kisan Vikas Patra currently fetch 7.1%, 7.6% and 6.9% interest respectively.
Among other smaller schemes, savings deposits offer a minimum interest rate of 4%; This is followed by fixed deposits of 1 year, 2 years, 3 years and 5 years which currently attract 5.5%. Whereas, an interest of 6.7% is available on a fixed deposit of 5 years.
Interest of 5.8% is available on 5 year recurring deposit. The 5-year Senior Citizens Savings Scheme currently offers a rate of 7.4%.
The 5-year Monthly Income Account and the 5-year National Savings Certificate earn at the rate of 6.6% and 6.8%, respectively.
The mentioned scheme is recognized by the government and carries the least risk among other available investment options.