Just a few more hours… PPF, NSC, Sukanya Samriddhi, Kisan Vikas Patra can be announced to pay more interest

Small Saving Schemes Rate 2023-24: After a few hours, the Modi government at the Center can give a big gift to the investors investing in small savings schemes. The Finance Ministry will review the interest rates of small savings schemes for the April to June quarter of 2023-24. And there are full chances that the ministry may take a decision on increasing the interest rates on these schemes.

For the last two quarters, the government has been continuously increasing the interest rate of small savings schemes. Last time, on December 30, 2022, the Finance Ministry had decided to increase interest rates on small savings schemes by 20 to 110 basis points. In which the interest rates on PPF (PPF) Sukanya Samridhi Yojana (Sukanya Samridhi Yojana) were not increased. The possibility of increasing interest rates on small savings schemes is also high because on February 8, 2023, the Monetary Policy Committee of RBI had increased the interest rate by 25 basis points for the sixth consecutive time. Now the repo rate has become 6.50 percent. On April 6, RBI is going to announce its decision regarding interest rates again and it is believed that the repo rate can be increased again. In the month of February, the retail inflation rate remained above the tolerance band of RBI at 6.40 percent. Inflation is still out of control.

The Finance Ministry, while reviewing the interest rates of small savings schemes in September 2022 and December 2022, Kisan Vikas Patra (Kisan Vikas Patra), Post Office Deposit Schemes (Post Office Deposit Schemes), NSC (NSC) and Senior Citizen Saving Scheme (Senior Citizen Saving Schemes) has increased the interest rates. But both the times no change was made in the interest rates of PPF, Sukanya Samriddhi Yojana. Currently, 7.1 percent interest is being received on Public Provident Fund (PPF), 7.6 percent interest on Sukanya Samridhi Yojana.

The basis for increasing interest rates on small savings schemes is because the interest rate on EPF has been increased to 8.15 per cent for 2022-23. So on February 1, 2023, Finance Minister Nirmala Sitharaman has launched the Mahila Samman Deposit Scheme in the budget, in which 7.50 percent interest is being received annually on deposits for two years. Compared to this savings scheme, less interest is being received on PPF and Sukanya Samriddhi Yojana. Therefore, the interest rates of PPF and Sukanya Samriddhi Yojana can also be increased along with other savings schemes.

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