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Business EconomyPosted at: Dec 31 2021 9:28PM


Interest rates on small savings unchanged for Jan-March quarter

New Delhi, Dec 31 (UNI) The rate of interest for various small saving schemes will remain unchanged for the January-March quarter of the current fiscal, the Finance Ministry said on Friday.
The interest rate on small saving schemes is reviewed every quarter.
"The rate of interest on various small savings schemes for fourth quarter of financial year 2021-22 starting from January 1, 2022 and ending on March 31, 2022 shall remain unchanged from the current rates applicable for the third quarter (October 1 to December 31, 2021) for FY 2021-22," the Finance Ministry said.
Accordingly, investment in Public Provident Fund (PPF) would continue to earn an interest of 7.1% while National Savings Certificate (NSC) will fetch 6.8% interest. Sukanya Samriddhi Yojana will carry an interest rate of 7.6%.
The Senior Citizens Savings Scheme (SCSS) will continue to earn an interest of 7.40% in January-March quarter of the current fiscal.
Commenting on the development, ICRA Chief Economist Aditi Nayar said that small savings rates have been kept unchanged for Q4 FY2022, in contrast with the uptick seen in the average G-Sec yields of most maturities during the trailing three-month period, to which such rates are linked with.
"Regardless, the status quo for the small savings rates is along expected lines, in consonance with the unchanged repo and reverse repo rate and stance of monetary policy," she said.
Quoting provisional data released by the CGA, she said that it indicated inflows into savings deposits and certificates, and PPF, had risen by a healthy 14.7 per cent to Rs 1.7 lakh crore in April-November FY2022 from Rs 1.5 lakh crore in the same period last year.
"We expect continued inflow of funds into small saving schemes in the coming months of FY2022, with the advantage of higher spreads over Banks' deposit rates," Nayar said.
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