SSY UPDATE: Big news for investors investing in government savings schemes like the Public Provident Fund (PPF) and Sukanya Samriddhi Yojana.
The interest rates of these schemes may change for the July to September quarter. Actually, at the end of every quarter, the government reviews the interest rates of these schemes and makes changes as per the need. Usually, these interest rates are announced in the last week of June.
No Change in April-June Quarter
Let us tell you that for the first quarter of the financial year starting from April 1, 2024, the government did not change the interest rates of various small savings schemes. However, this time it is assumed that the government can consider correction in some schemes.
Current Interest Rates
Let us tell you that at present 7.1 percent interest is being given to the Public Provident Fund (PPF) as before. At the same time, 8.2 percent interest is available on the deposit amount under Sukanya Samriddhi Yojana, while 7.1 percent interest is available on a three-year fixed deposit (FD).
The interest rate on Kisan Vikas Patra is 7.5 percent and this investment matures in 115 months. The interest rate on the National Savings Certificate (NSC) for the period from 1 April to 30 June 2024 is 7.7 percent.
The interest rate of 7.4 percent is applicable on the Monthly Income Scheme as well as in the current quarter.
RBI Repo Rate Unchanged: What Impact
Recently, the Reserve Bank of India (RBI) has considered on the new repo rate. The Reserve Bank hasn’t changed the repo rate for the 8th time in a row and has maintained it at 6.5 percent.
With this, the Permanent Deposit Facility (SLR) constant at 6.25 percent, the Marginal Standing Facility Rate (MSF), and the Bank Repo Rate at 6.75 percent.
Let us tell you that the repo rate is the rate at which commercial banks take loans from the Reserve Bank to meet their short-term needs. Changes in the repo rate have a direct impact on the interest rates of banks.
