New Delhi. If you too have invested within the small financial savings scheme of the post workplace, then there may be dangerous information for you. Post funds, the post workplace is ready to provide you a jolt. In the approaching time, the post workplace can reduce the rates of interest on its financial savings schemes. Indications for this have been given by the Finance Ministry itself. The post workplace financial savings schemes on which the federal government can reduce rates of interest embrace Recurring Deposit (RD), Public Provident Fund (PPF), Sukanya Samriddhi Yojana (SSY) and Senior Citizen Savings Scheme (SCSS). For your data, tell us that the Finance Ministry opinions and adjustments the rates of interest on these small financial savings schemes on a quarterly foundation. <! –
For the present quarter, the federal government didn’t reduce rates of interest of any small financial savings scheme, together with PPF, NSC and SSY. However banks reduce their rates of interest.
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What is the actual cause
According to an estimate, the federal government's resolution to chop rates of interest on small financial savings schemes might be taken because of strain from banks. Because at the moment, trying on the maturity interval of 1 12 months, there’s a massive distinction of about 1 p.c between the rate of interest of banks and the financial savings schemes of the post workplace. Explain that PTI has quoted Economic Affairs Secretary Atanu Chakraborty that post workplace financial savings schemes within the April-June quarter will likely be revised in line with the prevailing market charges.
What is the criticism of banks
According to Chakraborty, the one criticism of bankers is that it’s troublesome for them to chop deposit charges because of increased rates of interest on small financial savings schemes. Banks are afraid that in the event that they cut back the deposit rate of interest then their deposits could also be affected and it’s potential to fall. Chakraborty mentioned that the federal government just isn’t depending on these small financial savings schemes, however the authorities has no intention of ending these schemes, as a result of widespread individuals use them. However, the federal government additionally will get some quantity by these schemes.
How a lot cash is there in these schemes
At current, there are about 12 lakh crore rupees in small financial savings schemes operating within the nation. At the identical time, about 114 lakh crore rupees are presently in banks. The post workplace financial savings account might be opened by anybody with a minimal steadiness of Rs 500. These embrace 4% annual curiosity on particular person or joint accounts. At the identical time, National Savings Recurring Deposit ie RD account might be opened in a financial institution or post workplace. RD account might be opened in post workplace for five years. On this you get an curiosity of seven.2% every year on a quarterly foundation.