In the next 24 hours, the government may take a major decision on government schemes. These decisions can be about interest rates. The government revises the interest rates of some schemes every three months. Accordingly, the government may make some announcements on interest rates by September 30. Post office, PPF and GPF interest rates will improve, which will have a direct impact on your money. If the interest rate goes up, the earnings will go up and if the rate goes down, the earnings will go down. It may also be that the interest should be kept as it is.
On June 30, 2021, the government kept interest rates on small savings schemes unchanged. The government had maintained the existing interest rates and did not increase or decrease them. Against the backdrop of the corona, there were fears of falling interest rates. But there were no cuts, which made investors happy. Now that the July-September quarter is coming to an end, people are starting to expect interest rates to rise.
Interest rates have never risen
If you look at the statistics, interest rates on many Post Office savings have been kept the same for 5 consecutive quarters. Schemes like Public Provident Fund (PPF), National Savings Certificate (NSC), Sukanya Samrudhi Yojana (SSY) are run by post and interest rates on them have been kept at old levels. This means that people who invest in schemes like PPF and SSY are still getting the same interest rates that they were getting in the previous quarter. After September 30, the new quarter is starting and before that investors expect some increase in earnings.
How much interest on which plan
At the current rate, the interest rate is 7.10 per cent on PPF, 6.8 per cent on NSC and 6.6 per cent on Post Office Monthly Plan. According to statistics, the post office savings account has an interest rate of 4% and its interest has increased in one year. The one-year term deposit has an interest rate of 5.5% and is compounded quarterly. The interest on a 2-year term deposit is 5.5% and is also available quarterly. The same is true for a 3 year term deposit.
7.6% interest in SSY
The 5-year term deposit earns 6.7% interest and the money increases every quarter. The 5-year recurring deposit earns 5.8% interest and the money grows quarterly. The 5-year Senior Citizen Savings Plan earns 7.4% interest and the money compares quarterly. The 5-year monthly income account has an interest rate of 6.6% and accrues interest every month. The interest on a 5 year National Savings Certificate is 6.8% and its interest increases every year. The interest on PPF is 7.1% and it is added to the account every year. Kisan Vikas Patra, which matures in 124 months, carries an interest rate of 6.9% and is compounded every year. The interest on Sukanya Samrudhi Yojana is 7.6% and it is compounded every year.