Recently, the Union government hiked rates for some small savings schemes that do not give any income tax benefit. As per Mint, the deposits that have seen a rise in interest rates are the 2-year, 3-year time deposits with post offices, such as the Senior Citizen Savings scheme (SCSS), Kisan Vikas Patra (KVP), Post Office Monthly Income Account etc.
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Previously, interest rates on small savings schemes were revised during the first quarter of 2021-22, when these were slashed. The new rates, meanwhile, became applicable from October 1.
Post Office 2-year time deposit: Hiked by 20 basis points, the interest rate is 5.7 per cent, up from the now-previous 5.5 per cent.
Post Office 2-year time deposit: An increase of 30 basis points, from 5.5 per cent to 5.8 per cent.
Senior Citizens Savings scheme: Under this, you will earn 20 basis points more at 7.6 per cent, up from 7.4 per cent.
Kisan Vikas Patra (KVP): The government has also revised the maturity period of this scheme. After the revision, interest rate and maturity period is 7 per cent and 123 months respectively, compared to the earlier 6.9 per cent and 124 months.
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Monthly Income Scheme (MIS): Now, at 6.7 per cent, it is 10 basis points higher than the earlier 6.6 per cent.
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Monthly Income Scheme (MIS): Now, at 6.7 per cent, it is 10 basis points higher than the earlier 6.6 per cent.
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However, there is no change for interest rates on the Sukanya Samriddhi Yojana (SSY), Public Provident Fund (PPF) and National Savings Certificate (NSC).
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Home/Business/These post office savings schemes now offer higher interest rates. Details here
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