A savings scheme with maturity of 15 years, PPF provides the benefit of compounding over a long period. It also offers EEE or ‘exempt, exempt, exempt’ advantage in terms of tax advantage, meaning subscribers get deduction benefit up to ₹1.5 lakh under Section 80C on deposits and tax-free interest and returns. PPF also allows the facility of partial withdrawal, loan and account extension beyond 15 years. Contributions can’t exceed ₹1.5 lakh in a financial year while deposits can be made in lump-sum or in 12 instalments.
Starting from 1 July, select small savings schemes will fetch 10 basis points lower interest rates for the September quarter. The government has reduced these rates, which are reviewed every quarter, to bring them in line with the falling interest rate across the financial system after the Reserve Bank of India (RBI) cut its benchmark policy rate thrice during the year. Check out the revised interest rates offered by small-savings schemes such as Public Provident Fund (PPF), National Savings Certificate (NSC) and Kisan Vikas Patra (KVP) and much more are as follows:
Latest Interest Rate on Savings Schemes
Public Provident Fund (PPF)
A savings scheme, PPF will fetch an interest rate of 7.9%, revised from 8% earlier. The amount is compounded annually and paid on maturity.
National Saving Certificate (NSC)
A five-year small savings scheme, NSC will fetch an interest rate of 7.9%, revised from 8% earlier. The amount is compounded annually and paid on maturity.
Kisan Vikas Patra (KVP)
Kisan Vikas Patra (KVP) will fetch interest rate of 7.6% (compounded annually) with maturity of 113 months. Or, in other others, investments will double in 113 months as compared to 112 months earlier.
Sukanya Samriddhi Account (SSA)
Sukanya Samriddhi Account and Senior Citizen Savings Scheme will continue to fetch higher rates than other schemes. The girl child savings scheme Sukanya Samriddhi Account will fetch 8.4% (compounded annually), from 8.5% earlier.
Senior Citizens Savings Scheme (SCSS)
The Senior Citizen Savings Scheme is a popular small savings scheme meant for providing regular, risk-free income to senior citizens (age 60 or more). The interest payout is on a quarterly basis. The five-year Senior Citizens Savings Scheme will now fetch a lower rate of interest at 8.6%, from 8.7% earlier.
Post Office Term deposits
Post office term deposits of 1-3 years will fetch interest rate of 6.9% while the five-year has been pegged at 7.7%. Post office 5-year recurring deposits will fetch 7.2% (quarterly compounding), from existing rate of 7.3%.
Post Office Monthly Income Scheme (POMIS)
The five-year Post Office Monthly Income Scheme (MIS), where interest is paid out monthly, will fetch 7.6% as compared to 7.7% earlier.
Financial Advice for Newly Married Couples https://www.fundstiger.com/financial-advice-newly-married-couples/ Marriage is not only sharing the home! In all form of marriage, the couple promises to share happiness, sorrows, and responsibilities. But sharing financial life is always left behind and no one talks about it. Sharing finances between couples is a very important thing and has equal importance as that of sharing happiness and responsibilities. The following tips would help the newlywed couples to manage their finances 1. Discuss your Current Financial Situation Sit down together and discuss where you are in your finances currently. Your individual and collective spending habits, personal debt, things you want to enjoy or purchase in the future (individually and collectively). Also, discuss what you cannot go without. Take the time to speak and discuss your desires, dreams, and needs, even if at this stage they don’t seem to be heading in the same dire...
Systematic Investment Plan (SIP) https://www.fundstiger.com/sip-investment/ Systematic Investment Plan, commonly referred to as an SIP, allows you to invest regularly a fixed sum in your favorite mutual fund scheme/s. In SIP, a fixed amount is deducted from your savings account every month and directed towards the mutual fund you choose to invest in. The popularity of SIPs or Systematic Investment Plans has gone up in the last few years. Many individuals discovered the charm of SIP and mutual funds. However, many investors, including those who have already made SIP investments in mutual funds, are often confused about SIPs. An SIP and mutual fund schemes are not synonyms. An SIP is a mere tool that helps you to invest regularly in a mutual fund schemes, mostly in equity mutual fund schemes. An SIP helps you to stagger your investments in equity mutual fund schemes over a period. Most mutual fund advisors do not recommend investing a lumpsum in equity mutual funds. They believe ...
10 Key reasons for Business Loan rejections It is common for business loans to get rejected. Getting your application rejected doesn’t mean it’s the end of the road for you. The most important factor is to grasp why your application got rejected. Banks and alternative establishments generally offer reasons for why they rejected a loan. They can’t approve all loans for obvious reasons. #businessloans #buisnessloanrejection #fundstiger #loans #lending #marketplace @FundsTiger Read more by clicking the link below https://www.fundstiger.com/10-reasons-business-loans-rejections/ You can apply for an attractive offer with best possible Rate of Interest and Terms for Personal Loan , Business Loan , Home Loan and Car Refinance Loan . FundsTiger is an Online Lending Marketplace where you can avail fast and easy Home, Business and Personal Loans via 40+ Banks and NBFCs at best possible rates. We will also help you to improve your Credit Score. We have de...
Small Savings Scheme Interest Rate – Revised
ReplyDelete#small #saving #schemes #interest rates #updated #revised #savings #postoffice #investments #FundsTiger #loans #lending #marketplace @FundsTiger
Good Article
ReplyDeleteSmall Savings Scheme Interest Rate – Revised
ReplyDelete