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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.
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.
Monthly Income Scheme (MIS): Now, at 6.7 per cent, it is 10 basis points higher than the earlier 6.6 per cent.
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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