Small Saving Scheme : Govt Keeps Interest Rate Unchanged at 7.1% on Small Saving Schemes

Small Saving Scheme Latest News Today: Here comes a piece of good news for the customers who have invested their money in small saving schemes. As per latest updates, the Central government on Friday kept interest rates on small savings schemes, including NSC and PPF, unchanged for the fourth quarter of 2021-22. The move from the Centre has comes amid rising cases of Omicron and inflation. Moreover, it is also believed that the decision has come ahead of assembly elections in five states — Uttar Pradesh, Uttarakhand, Punjab, Himachal Pradesh and Goa. Also Read - Share Market News: Sensex Rises 550 Points, Nifty Above 17,350. Metal, Auto, Private Bank Stocks Shine
Small Saving Scheme

Giving details, the Centre said the Public Provident Fund (PPF) and National Savings Certificate (NSC) will continue to carry an annual interest rate of 7.1 per cent and 6.8 per cent respectively. Also Read - GST Council Meet: FM Sitharaman May Defer Tax Hike on Textile, Footwear

“The rates of interest on various small savings schemes for the third quarter of the financial year 2021-22 starting from January 1, 2022, and ending on March 31, 2022, shall remain unchanged from the current rates applicable for the third quarter (October 1, 2021 to December 31, 2021) for FY 2021-22,” the finance ministry said in a notification. Also Read - Income Tax Return: Major Relief By Income Tax Dept, Provides One-Time Relaxation

The analysts closing monitoring the matter said that the government has kept rates intact in view of upcoming assembly elections in five states. Earlier this year, during the West Bengal assembly polls, the Centre had decided to reduce the interest rate.

The Centre also said that the one-year term deposit scheme will continue to earn an interest rate of 5.5 per cent during the second quarter of the current fiscal, while the girl child savings scheme Sukanya Samriddhi Yojana account will earn 7.6 per cent.


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