According to the statement of the Ministry of Finance on Thursday, the rates of interest on various small Savings The plans for the third quarter of the financial year 2022-23, starting from October 1, 2022, and ending on December 31, 2022, have been revised.
Here are the new rates on small savings schemes from October 1
2 years time Deposit: The interest rate on 2-year fixed deposits has increased by 20 basis points to 5.7% from their previous 5.5%.
3-Year Fixed Deposit: Here, the interest rate has been hiked by a whopping 30 basis points to 5.8% from the previous 5.5%.
Senior Citizen Savings Schemes: An elder will be able to earn a whopping rate of 7.6% on his savings from October 1, 2022 as compared to the existing 7.4% — resulting in an increase of 20 basis points in Q3FY23 from Q2 Q3 . this financial.
Monthly Income Account Scheme: The interest rate here has been increased by 10 basis points to 6.7% as compared to 6.6% for the third quarter of FY13.
Kisan Vikas Patra: Here the rate has also been increased by 10 basis points, however, the maturity period has been reduced by one month. This means, in the current year from October 1 to December 31, the scheme will offer a rate of 7% with a maturity period of 123 months, which matures in 124 months as compared to the current 6.9%.
The interest rates of small savings schemes which have been kept unchanged are:
The rate of 4% continues on savings deposits, while the rate of 5.5% on 1-year fixed deposits and 6.7% on 5-year fixed deposits continues. Meanwhile, interest at the rate of 5.8 per cent continues to be paid on 5-year recurring deposits. There has been no change in the interest rates of National Savings Certificate and Public Provident Fund Scheme at 6.8% and 7.1% respectively. Lastly, the interest rate in Sukanya Samriddhi Account Scheme will be the same 7.6%.
The Government of India fixes the interest rates on small savings schemes every 3 months of a financial year. In the June 2022 quarter, the Center kept the interest rates for these post office schemes unchanged.
Are the new rates better than the FD rates of PSBs? Check out some of the latest FD rates offered by some PSBs.
Indian Bank
This government bank offers below 5.45% rate on 1 year FD 2 crores. The interest rate on FDs of 3 years to less than 5 years is 5.75%, while on FDs of 5 years and above, the interest rate is 5.65%. Overall, the bank offers 2.80% to 5.65% interest rates on FDs.
The bank offers an additional rate of 0.5% per annum to senior citizens for FDs up to 100 million. In respect of short term deposits, fixed deposits and money multiplier deposit schemes, an additional rate will be offered on deposits of 15 days to 10 years over and above the card rate.
Its savings deposit interest rate ranges from 2.75% to 2.90%.
Punjab National Bank
for savings deposit below 10 lakh, PNB offers a rate of 2.7%, and on deposits 10 lakh and above – the rate is 2.75%.
With reference to FD below 2 crore, for general category, the bank offers a rate of 5.5% on 1-year tenure, while the rate is 6.10% on 405 days tenure, 5.5% on 406 days to 2 year tenure, 5.6 on less than 2- % Is. 3 years tenure, 5.75% each less than 3 years on 5 year tenure and 1111 days tenure. Overall, the rates on these FDs range from 3% to 5.75%.
For senior citizens, the bank offers a rate of 6% on tenures ranging from 1 year to 2 years. The rate of 6.6% is offered on tenure of 405 days only. The rate is 6.10% on tenure of less than 2 years to 3 years, 6.45% on tenure of 5-10 years. Whereas on tenure of 3 years to less than 5 years and tenure of 1111 days this rate is 6.25%. Overall, the rate on the FD below ranges from 3.5% to 6.45% 2 crores for the elderly.
Union Bank of India
down on FD 2 crore, the bank gives 5.35% on 1 year tenure, 5.45% on 1 year to 2 year tenure and 5.5% for more than 2 years 749 days. The bank offers rates of 5.5% and 6.20% on tenures of 750 days and 5 years 1 day respectively. The rate is 5.8% on tenure from 5 years to above 10 years. Overall, rates range from 3% to 6.20%.
The interest is calculated on a daily basis and is credited on a quarterly basis in April, July, October and January every year.
With respect to savings deposits, the bank offers between 2.75% to 3.55% depending on the various balances.
State Bank Of India (SBI)
On savings deposits, SBI offers 2.70% interest rate on balance 1 lakh and above.
Meanwhile, on the FD below 2 crore, SBI gives 5.45% to the general category and 5.95% to senior citizens with tenure of 1 year to less than 2 years. Whereas for general category and senior citizens with tenure of less than 2 years to less than 3 years the rate is 5.50% and 6%.
In addition, the bank offers 5.60% and 5.65% to the general category on FDs with maturities of 3 years to less than 5 years and up to 5 years and 10 years. The rates for senior citizens are 6.10% and 6.45% on these tenures.
Overall, SBI rates range from 2.90% to 5.65% for general category and 3.40% to 6.45% for senior citizens.
The interest rates on FDs of the above mentioned banks have a minimum tenure starting from 7 days to a maximum of 10 years.
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