RBI has increased the repo rate on FDs by 90 basis points and in most of the banks there is an increase in interest rates on FD. But now the interest rates can be hiked for post office schemes like PPF, senior citizens saving schemes, Sukanya etc. The amendments for the interest rates can be released on 30 June.
Several Indian citizens look up to their small saving schemes in which they invest their money and expect to get fixed returns. People trust more on these small savings at the post office because they are backed up by the government and people have more security for their invested money. The small savings schemes at post offices include Monthly savings scheme, National Savings certificate, Sukanya Samridhi Yojana, Senior Citizens Savings, etc . They provide fixed interest rates set by the government.
Have a look on the rates
The current interest rates which came into effect from 1 April this year will be valid till 30 June for the post office saving schemes. Personal finance expert and the CEO of Optima Money Managers Pankaj Mathpal's saving schemes internet rates are linked with Yield of government bonds. The interest rate for this scheme is 0.25-1.00% more than the Government bond of maturity. At present the internet rate of government bond yield is 7.5%. For now the interest rate Saving scheme can be increased by 0.40-0.50%.
In small saving schemes the Sukanya Samridhi Yojana is getting the highest returns. Investors will get 7.60% interest rates. 7.1% will be return rates for Public Provident Fund, 6.8% on NSC, 6.9% on Kisan Vikas Patra and for Senior Citizen Saving Schemes it will be 7.4%.