There has been no change in the interest rates on investment in Small Savings Scheme even in Quarter-2. In this regard, the Ministry of Finance has issued a notification at this time.
There is good news for those who wish for their happy future through small savings. The government has not made any changes in the interest rates on the small savings scheme in the second quarter of the current financial year as well. That is, from July 1, 2021 to September 30, 2021, investors will get the same interest rate which was getting in the first quarter. In a relief to savers, the government on Wednesday kept interest rates on small savings schemes, including NSC and PPF, unchanged for the second quarter of 2021-22 amid the COVID-19 pandemic.
No change in interest rates on small savings
Public Provident Fund (PPF) and National Savings Certificate (NSC) will continue to have an annual interest rate of 7.1 per cent and 6.8 per cent respectively in the second quarter.For the second quarter of FY 2021-22 Interest rates on various small savings schemes starting from July, 2021 to September 30, 2021 for the first quarter (April 1, 2021 to June 30, 2021) for the financial year 2021-22,” the finance ministry said in a notification. The
government on April 1 had swiftly scrapped small savings schemes citing a steep interest rate cut of up to 1.1 per cent for the first quarter. As a result, the first quarter rates were at the level of the fourth quarter of the previous financial year. The cut was seen as the sharpest cut in several decades. Interest rates for small savings schemes are notified on a quarterly basis.
Here are some key details:
One year fixed deposit scheme will continue to fetch an interest rate of 5%. 5 per cent during the second quarter of the current financial year, while the girl child savings scheme Sukanya Samriddhi Yojana account will earn 7.6 per cent. Five-year Senior Citizen Savings Scheme But the interest rate will remain at 7.4 percent. Interest on the scheme of senior citizens is paid quarterly. The interest rate on savings deposits will remain at 4 percent per annum. Interest rate of 5.5-6.7 percent will be available on fixed deposits of one to five years, whose The payment will be made quarterly, while the interest rate on five-year recurring deposit will earn a higher interest rate of 5.8 per cent.
