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