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Friday, September 17, 2021

Union Finance Ministry Notifies Adjustments in Interest Rates of Several Schemes

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The finance ministry giving immense relief to small investors has kept interest rates on small savings schemes, including  National Saving Certificate (NSC) and Public Provident Funds (PPF), unchanged for the July-September quarter of 2021-22 amid the prevailing coronavirus pandemic.

This is the 5th quarter consecutively that the finance ministry has unchanged the interest rate on various small savings schemes

The central government on March 31 had reduced the interest rates on a small savings scheme but later took back the order of reduction in the interest rate terming it an ‘oversight’.

Many small investors rely on small savings schemes for a fixed and guaranteed return. Some schemes also offer income tax benefits under Section 80C. 

The finance ministry notification read: “The rates of interest on various small savings schemes for the second quarter of the financial year 2021-22 starting from July 1, 2021, and ending on September 30, 2021, shall remain unchanged from the current rates applicable for the first quarter (April 1, 2021, to June 30, 2021) for FY 2021-22.”

Public Provident Fund (PPF) will yield an interest of 7.1% and National Savings Certificate (NSC) will fetch an annual interest of 6.8%, in the second quarter as well.

The Sukanya Samriddhi Yojana, launched in 2015 by the Government of India, encourages parents to invest in future education and marriage expenses for their girl child, raising the interest by 7.6 % per annum.

Post office savings account will yield a 4% interest rate. Deposits accounts with one year tenure will raise 5.5 %. Deposits with 5 years tenure will yield 6.7 % interest rates during the September quarter. Kisan Vikas Patra, a certificate scheme introduced by the Indian post office, will raise 6.9%.

Experts believe that due to rising inflation in the Indian economy the central government abstained from adjusting interest rates on small savings schemes. 

The date for the individuals to link their Permanent Account Number (PAN) and Aadhaar Card has been extended to September 30.

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