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Senior Citizen Good News: Center hikes interest on savings schemes for senior citizens

Senior Citizen Good News: Center hikes interest on savings schemes for senior citizens! Learn here - complete information

Senior Citizen Good News


Senior Citizen Good News: The government on Friday hiked interest rates on most post office savings schemes that do not get income tax benefits in line with firming interest rates in the economy. According to the finance ministry's notification, 'While the interest rate for the popular PPF and girl child savings scheme Sukanya Samriddhi was retained, deposits up to 5 per cent as well as NSC, Senior Citizen Savings Scheme and Kisan Vikas Patra (KVP), where Where earned income is taxable, there has been an increase of up to 1.1 percentage points.


This is the second consecutive quarter of increase in interest rates for some schemes. This follows status quo or unchanged rates for nine straight quarters. Interest rates for small savings schemes are notified on a quarterly basis. With the revision, fixed deposits of one year in post offices will fetch 6.6 per cent interest for two years (6.8 per cent), three years (6.9 per cent) and five years (7 per cent).


senior citizens will earn more

The notification states that the Senior Citizens Savings Scheme will earn 40 basis points plus 8 per cent during the January-March period. In respect of KVPs, the government has increased the interest rates to 7.2 per cent, maturing in 120 months. Currently, KVP offers an interest rate of 7 per cent with a maturity period of 123 months.


How much interest will the people of this scheme get?

Monthly Income Scheme will earn 40 basis points higher at 7.1 per cent, while National Savings Certificate (NSC) has been raised by 20 basis points to 7 per cent. The interest rate on girl child savings scheme Sukanya Samriddhi Yojana was retained at 7.6 per cent, and for Public Provident Fund (PPF) it has been kept unchanged at 7.1 per cent. Interest will continue to be earned on savings deposits at the rate of 4 per cent per annum.



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