Relief for small investors, interest rates will not change even in the second quarter, Relief for small investors, interest rates will not change even in the second quarter
Relief for investors, interest rates will not change even in Q-2
- No change in interest rates on small savings for Quarter-2
- Interest will continue to accrue as in the first quarter
- Relief to crores of investors due to this decision of Finance Ministry
There is good news for those who wish for their happy future through small savings. The government has not made any change in the interest rates on the small savings scheme in the second quarter of the current financial year as well. That is, from July 1, 2021 to September 30, 2021, investors will get the same interest rate which was getting in the first quarter. In a relief to savers, the government on Wednesday kept interest rates on small savings schemes, including NSC and PPF, unchanged for the second quarter of 2021-22 amid the COVID-19 pandemic.
No change in interest rates on small savings
The annual interest rate on Public Provident Fund (PPF) and National Savings Certificate (NSC) will continue to be 7.1 per cent and 6.8 per cent respectively in the second quarter also. For the second quarter of the financial year 2021-22 starting from July 1, 2021, till September 30 , interest rates on various small savings schemes ending 2021 for the first quarter (April 1, 2021 to June 30, 2021) for the financial year 2021-22,” the finance ministry said in a notification.
The government had swiftly scrapped small savings schemes on April 1, citing a steep interest rate cut of up to 1.1 per cent for the first quarter. As a result, the first quarter rates were kept at the level of the fourth quarter of the previous financial year. The cut was seen as the sharpest cut in several decades. Interest rates for small savings schemes are notified on a quarterly basis.
Here are some specific information
The one-year fixed deposit scheme will continue to earn an interest rate of 5%. 5 per cent during the second quarter of the current financial year, while the girl child savings scheme Sukanya Samriddhi Yojana account will earn 7.6 per cent. The interest rate on the five-year senior citizen savings scheme is 7.4 per cent. Interest on the scheme of senior citizens is paid quarterly. The interest rate on savings deposits will remain at 4 percent per annum. Interest rate of 5.5-6.7 percent will be available on fixed deposits of one to five years, which will be paid quarterly , whereas the interest rate on five-year recurring deposit will earn a higher interest rate of 5.8 per cent.
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