If you invest in Sukanya Samriddhi Yojana, PPF or Post Office Savings Scheme, then this news is of your use. Apart from this, the government has recently announced interest rates on these savings schemes for the fourth quarter of the current financial year i.e. January-March, 2020. The government has announced to maintain the interest rate of the previous quarter in this quarter as well, in addition to keeping the previous interest rates unchanged. Now these interest rates can be effective till 31 March 2020.
The government operates RD, PPF, Sukanya Samriddhi Yojana (SSY) and Senior Citizen Savings Scheme (SCSS). The interest rate on these small savings schemes is reviewed on a quarterly basis. Recently, RBI had requested to reduce the interest rate on these schemes. Apart from this, after this announcement of the government, let us see how much interest will be paid on the savings schemes of the government between January and March, 2020.
PPF (Public Provident Fund) - This is a very popular scheme, which has maturity after 15 years. Interest of 7.9 percent will be given on the investment made under this scheme. Senior Citizen Savings Scheme (SCSS) will get 8.6 percent interest. National Savings Certificate - Interest rate of 7.9 percent per annum will continue to be available on this savings scheme as well. Kisan Vikas Patra - On Kisan Vikas Patra, you will get an annual interest rate of 7.6 percent with a maturity of 113 months. Sukanya Samriddhi - 8.4% (annual) interest will be available on this savings scheme involving girls. Interest rates up to 6.9-7.7 percent will continue on deposit schemes of the post office. Given the reduction in the interest rate on Fixed Deposit (FD) for the last few months, the government's decision to keep the interest rate unchanged on these savings schemes has provided considerable relief to investors. These schemes are very popular among jobbers.
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