Government Keeps Small Savings Schemes Interest Rates Unchanged For Q4
The government has decided to keep interest rates unchanged for small savings schemes for the quarter ending March 2022, according to the Ministry of Finance.
Interest rates on investment in schemes, including Senior Citizen Savings Scheme, Public Provident Fund scheme and other schemes will be the same as rates for third quarter, the ministry said in a circular on Friday.
The interest rate for Senior Citizen Savings Scheme and National Savings Certificate have been retained at 7.4% and 6.8%, respectively.
Investments in PPF will continue to earn interest at 7.1%. One-year time deposit will fetch 5.5% interest and interest earned on five-year time deposit will be at 6.7%.
Sukanya Samriddhi Account scheme will yield 7.6% interest.
Interest rates on small savings schemes were last reduced by 70-140 basis points in the April-June 2020 period. However, within hours, the government withdrew the decision, saying the notification was ”erroneously” sent.