Ahead of the start of the new financial year, the Government of India (GoI) yesterday announced to keep the interest rate of small savings schemes unchanged for Q1FY23. The interest rate of these small savings schemes includes Public Provident Fund or PPF interest rate, National Savings Certificate or NSC interest rate and Post Office Small Savings Scheme interest rates.
Ministry of Finance Announced regarding the decision of the Government of India vide notification dated 31st March 2022, citing “rate of interest on various small savings schemes The rates for the first quarter of the financial year 2022-23, beginning April 1, 2022, and ending June 30, 2022, will remain unchanged from the current rates applicable for the fourth quarter (from January 1, 2022 to March 31, 2022). ) for the financial year 2021-22.”
Therefore, the PPF interest rate will continue to be 7.10 per cent in the April to June 2022 quarter while the NSC interest rate will continue at 6.80 per cent per annum. Those who have Sukanya Samriddhi Yojana or SSY accounts will continue to get 7.60 percent SSY interest rate on their deposits in the first quarter of the new financial year.
Similarly, post office small savings investors will continue to get the return on their money which they got in the recently ended quarter.
After the new notification is issued by the Finance Ministry, one-year post office fixed deposits will continue to give 5.50 per cent return on investor’s deposits in the April to June 2022 quarter. Post office fixed deposits for one to five years will continue at 5.50 per cent to 6.70 per cent per annum. The interest rate on the post office RD of 5 years will be 5.80 percent per annum.
The interest rate on the 5-year Senior Citizens Savings Scheme will also continue to pay 7.40 per cent for the first quarter of the new financial year. However, the savings interest rate will continue at 4 per cent per annum.
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