PPF, Sukanya Samriddhi Yojana, Senior Citizen Scheme, others: Here's how much interest they offer

New Delhi: Even though the country's inflation rates remained high, the government recently declared in an order that the interest rates of several small savings programmes, including the Sukanya Samriddhi Yojana, Senior Citizens Savings Scheme, and the Public Provident Fund (PPF), will not change for the quarter of July to September 2022. Interest rates on small savings programmes have been steady for nine straight months.

According to a finance ministry office memo, "the rates of interest on various small savings schemes shall remain unchanged from those notified for the first quarter (April 1, 2022, to June 30, 2022) for FY 2022-23 for the second quarter of the financial year 2022-23, starting from July 1, 2022, and ending on September 30, 2022." It stated that competent authorities had approved this.

Small savings schemes such as PPF, Sukanya Samriddhi, and Senior Citizens Savings Scheme will continue to receive the same interest rates from July to September this year, as the government has not changed the rates.

According to the most recent circular, the Public Provident Fund, Sukanya Samriddhi Account, and Senior Citizens Savings Scheme would continue to earn yearly returns of 7.1%, 7.6%, and 7.4%, respectively. Meanwhile, the yearly interest rates on National Saving Certificates (NSC) and Kisan Vikas Patra have remained steady at 6.8 percent and 6.9 percent, respectively. The Monthly Income Account pays 6.6 percent interest per year.

Post office savings deposits, on the other hand, will continue to pay 4% interest per year. Similarly, time deposits with terms of 1-3 years will pay the same 5.5 percent every year. Investors who place their money in five-year time deposits will receive a 6.7 percent annual return. Five-year recurring deposits will continue to pay 5.8 percent interest every year.

i. Public Provident Fund: 7.1 per cent

ii. National Savings Certificate: 6.8 per cent

iii. Sukanya Samriddhi Yojana: 7.6 per cent

iv. Kisan Vikas Patra: 6.9 per cent

v. Savings Deposit: 4 per cent

vi. 1-Year Time Deposit: 5.5 per cent

vii. 2-Year Time Deposit: 5.5 per cent

viii. 3-Year Time Deposit: 5.5 per cent

ix. 5 Year Time Deposit: 6.7 per cent

x. 5 Year Recurring Deposit: 5.8 per cent

xi. 5-year Senior Citizen Savings Scheme: 7.4 per cent

xii. 5-year Monthly Income Account: 6.6 per cent

Investing in small savings programmes at the post office during a period when stock markets and cryptocurrencies have been turbulent for months will provide the investor with assured profits. Small savings schemes at the post office are extremely dependable since they are backed by the government and are not affected by stock market fluctuations. In addition, they typically offer better interest rates than bank fixed deposits.