Government to increase PPF, Sukanya Samriddhi Yojana NSC and Kisan Vikas Patra interest rate, check details
The change will be applicable from October 1, 2022, to reduce the inflation level, the repo rate was increased by the RBI last days. Due to the increase in the interest rate by banks, it is expected to get more interest on savings schemes in the September quarter. The changes made in the interest rate will be implemented from 1 October 2022. RBI has increased the repo rate by 1.40 percent in three times.
The review of the interest rate will be done on this day , only 10 days are left in the review of the interest rate. The interest on small savings schemes will be reviewed on 30 September. This review is to be held for the quarter October to December 2022. According to sources, it is expected that the interest rate can be increased by 60 to 70 basis points. There has been no change in the interest rate on the Small Savings Scheme for a long time.
Why will the interest rate change?
RBI has increased the repo rate thrice since May. At present it is running at 5.4%. The repo rate is expected to increase once again. In the last week of September or the first week of October, the repo rate can be increased again by 25 to 35 basis points. But the government has not made any change in the interest on savings schemes. In such a situation, it is expected that this time the government will increase the interest on small savings schemes.
Savings scheme is reviewed every three months The interest on small savings schemes is reviewed every three months by the government. During this review, a decision is taken whether to increase, decrease or keep the interest rate constant. The Finance Ministry takes a decision on increasing or decreasing these interest rates.
The highest interest is currently available on Sukanya Samriddhi at the rate of 7.1 percent per annum on PPF. Apart from this, 7.6% annual return is given to those who invest in Sukanya Samriddhi Yojana (SSY). If we talk about National Savings Recurring Deposits Account, then it gives a return of 5.8%. The rate of interest on Kisan Vikas Patra is 6.9 percent.