Investors of small savings schemes like Public Provident Fund (PPF) and Sukanya Samridhi Yojana (SSY) will continue to get interest rates till the quarter ending September 30, 2022. The same will continue, the Finance Ministry said in a circular issued by it. The pre-quarter interest rate will also apply to investments made in these schemes during the July-September 2022 quarter.
According to a circular issued by the Finance Ministry, the Public Provident Fund (PPF) will earn 7.10 per cent interest. 7.40 per cent interest on Senior Citizens Savings Scheme and 5.5 to 6.7 per cent interest on Post Office Time Deposits.
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Post office offers 5.5 per cent interest on one-year time deposits, 5.5 per cent interest on two-year time deposits, 5.5 per cent interest on 3-year time deposits, 6.7 per cent interest on 5-year time deposits, 7.4 per cent interest on 5-year senior citizen savings and 5 years. The Union Finance Ministry said in a circular that it was offering 6.6 per cent interest on accounts, 6.8 per cent interest on 5-year National Savings Certificate, 7.1 per cent interest on Public Provident Fund, 6.9 per cent interest on Kisan Vikas Patra and 7.6 per cent interest on Sukanya Samridhi Yojana investments.
The central government reviews the interest rates of small savings schemes every quarter. The interest rates of these savings schemes are fixed as per the recommendations of the Shyamala Gopinath Committee. The committee suggested that the interest rates on these schemes should be 25 to 100 basis points higher than the gains on government bonds.
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