Today is the last day of September, after which 1st October will start. October is considered to be a month of great expectations. If you or someone in your family is associated with any scheme, it will be like a golden offer because the government will revise the interest rates.
In such a situation, there is an expectation of an increase in the interest rates on some schemes. The Union Finance Ministry will revise the interest rates on all small savings schemes like the Public Provident Fund, National Savings Certificate, and Kisan Vikas Patra. According to many experts, interest rates have been stable for the last two quarters. This time, the government is expected to increase them. However, nothing has been said officially.
This much interest is being given to PPF and Sukanya Samriddhi Yojana.
The Public Provident Fund, a government-run PPF scheme, is fulfilling the dream of making everyone rich. Investors get 7.1 percent interest in the government scheme. 8.2 percent interest is given to Sukanya Samriddhi Yojana. The benefit of 8.2 percent interest is shown in the National Savings Certificate Scheme. Apart from this, the Kisan Vikas Patra scheme provides a benefit of 7.5 percent interest.
The government can now fluctuate interest rates. This decision will be taken very soon because tomorrow is the first day of the next quarter of the year. The government reviews small savings schemes every three months.
The central government has fixed the interest rates on small savings schemes between 4% to 8.2%.
A review is done every quarter.
For information, let us tell you that the interest rates of the Small Savings Scheme are reviewed quarterly. The Shyamala Gopinath Committee gave the formula for fixing the interest rates of the scheme. The committee suggested that the interest rates of these schemes should be 0.25-1.00 percent higher than the yield of government bonds of the same maturity. Small savings schemes are considered the primary source of household savings in India.