Interest rates on small savings plans unchanged for the first quarter of FY23
New Delhi:
The government on Thursday kept interest rates on small savings plans, including National Savings Certificate (NSC) and Public Provident Fund (PPF), unchanged for the first quarter of fiscal year 2022-23 due to high inflation levels.
Interest rates have not been revised since the first quarter of 2020-21.
PPF and Nationale Kasbon NSC will continue to apply an annual interest rate of 7.1 percent and 6.8 percent respectively in the first quarter.
“The interest rate on various small savings plans for the first quarter of fiscal year 2022-23, commencing April 1, 2022 and ending June 30, 2022, remains unchanged from the current rates in effect for the fourth quarter (January 1, 2022 to January 31, 2009). March 2022) for FY 2021-22,” the Treasury Department said in a statement.
The interest rates for small savings plans are published quarterly.
The one-year term deposit system will continue to earn interest at 5.5 percent in the first quarter of next fiscal year, while the Sukanya Samriddhi Yojana account for girls child savings will earn 7.6 percent.
The interest on the five-year senior savings plan will remain at 7.4 percent. The interest on the senior scheme is paid quarterly.
The interest on savings deposits remains 4 percent per year.
Term deposits of one to five years will yield an interest of 5.5-6.7 percent, which must be paid quarterly, while the interest on five-year recurring deposits will yield a higher interest of 5.8 percent.
