Ahead of the new financial year, the Government of India (GoI) announced yesterday that the interest rate for small savings programs will be kept unchanged during Q1FY23. These small savings rate rates include Public Provident Fund or PPF rate, National Savings Certificate or NSC rate and post office small savings rate.
The Ministry of Finance announced the decision of the Government of India in a statement dated March 31, 2022, referring to: “The interest rate on various small savings programs for the first quarter of the financial year 2022-23, from 1 April 2022 and ending on 30 June 2022, shall remain unchanged from the current rates for the fourth quarter (1 January 2022 to 31 March 2022)) for the financial year 2021-22. “
So the PPF interest rate will continue to yield 7.10 percent in the quarter from April to June 2022, while the NSC interest rate will continue at 6.80 percent per year. Those who have Sukanya Samriddhi Yojana or SSY accounts would continue to receive 7.60 percent SSY interest on their deposits during the first quarter of the new fiscal year.
In the same way, small savings post offices will continue to get a return on their money they have received during the recently concluded quarter.
Following the issuance of a new announcement from the Ministry of Finance, a one-year time deposit at the Post Office will continue to yield a 5.50 percent return on an investor’s deposits in the quarter April to June 2022. The Post Office’s time deposit for one to five years would continue to deliver 5.50 percent to 6.70 percent per year. The 5-year interest rate Post Office RD will remain at 5.80 percent per year.
The interest rate on 5-year pension savings would also continue to deliver 7.40 percent for the first quarter of new fiscal policy. However, the savings rate would continue at 4 percent per year.
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