new Delhi. The central authorities has introduced a drastic discount within the rates of interest of small financial savings schemes. During the primary quarter of the monetary yr 2020-21 ie April-June 2020, now those that deposit cash within the post workplace will get much less curiosity. This discount in rate of interest has been finished from 0.70 per cent to 1.Four per cent. While the rate of interest accessible in PPF has been reduce by 0.Eight p.c, the rate of interest accessible on Post Office Time Deposit (Post Office FD) has been reduce by as much as 1.Four p.c. Apart from this, the rate of interest of Sukanya Samriddhi Yojana has additionally been reduce by 0.Eight per cent.
Rate of curiosity of all post workplace schemes diminished
Following the federal government's announcement of latest charges, PPF will now get an curiosity of seven.1 per cent, in comparison with 7.9 per cent earlier. At the identical time, National Savings Schemes i.e. NSC will now get 6.Eight p.c curiosity, whereas earlier it was getting 7.9 curiosity. At the identical time, Sukanya Samriddhi Yojana (SSY) will now get 7.6 p.c curiosity, which was 8.Four p.c earlier.
Know new post workplace rates of interest
Changes within the rates of interest on the post workplace deposit schemes from today ie 1st April, 2020 have come into power. <! –
Now the rates of interest of every scheme have come right down to this fashion.
Post workplace saving account
– Post workplace saving account will nonetheless get 4.0% curiosity.
Post workplace fd
– Post workplace will get 5.5% curiosity on 1 yr time deposit.
-Post workplace will get 5.5% curiosity on 2-year time deposit.
– Post workplace will get 5.5% curiosity on three years time deposit.
– Post workplace will get 6.7% curiosity on 5 years time deposit.
Post Office RD
5-year recurring deposit of post workplace i.e. RD will now get 5.8% curiosity.
Other post workplace deposit schemes
– Post Office 5 years Senior Citizen Savings Scheme will now get 7.4% curiosity.
Post Office 5-year National Savings Certificate i.e. NSC will now get 6.8% curiosity.
-Post Office Public Provident Fund i.e. PPF will now get 7.1% curiosity.
– Post Office Kisan Vikas Patra i.e. KVP will get 6.9% curiosity. Now the cash on this scheme will double in 124 months.
-Post Office Sukanya Samriddhi Yojana will now obtain 7.6 p.c curiosity.
Source: Finance Ministry Circular, March 31, 2020
notice : The advantage of tax profit below Section 80C of the Income Tax Act, 1961 on 5-year time deposit ie FD.
How fastened rates of interest in small financial savings schemes
In small financial savings schemes, the speed of curiosity is fastened by the federal government each quarter. The formulation for figuring out the rate of interest of small financial savings schemes was given by the Shyamala Committee. The committee had recommended that the rates of interest on numerous schemes must be 0.25% to 1% larger than the yield of presidency bonds with the identical maturity interval.