Now more interest will be available on small savings schemes, government can give a big gift on September 30:

News India Live, Digital Desk: If you invest money in small savings schemes, then a very good news can come for you! It is expected that the central government may announce an increase in interest rates of some popular savings schemes on 30 September. This will be a big relief for crores of small investors, who expect more returns by applying their hard earned money in safe government schemes.

This change is often made during the quarter review of the financial year. Interest rates of these schemes are fixed on the basis of yield of government bonds. For some time, the interest rates on government bonds have increased, in such a situation, it is being estimated that the government will also increase the interest on these schemes in its new announcement on 30 September.

Which schemes can get more interest?

Many major schemes can benefit from this possible increase. These include:

• Sukanya Samriddhi Yojana (Sukanya Samriddhi Yojana – SSY): This scheme is quite popular for the future of daughters.
• Public Provident Fund – PPF: It is also a favorite option for safe investment.
• Senior Citizen Savings Scheme This is a reliable investment option for senior citizens.
• National Savings Certificate (National Savings Certificate – NSC): Suitable for safe investment of moderate period.
• Kisan Vikas Patra – KVP: For those who want to see their savings doubled.
• Post Office Monthly Income Scheme (POST Office Monthly Income Scheme): For those who get fixed income every month.
• Post Office Time Deposit (Post Office Time Deposit – Potd): Fixed deposits for different time in post office.
• Post Office Recurring Deposit – Pord: For those who save in small installments.

The interest rates on these schemes are revised every quarter (in January, April, July and October). Therefore, the announcement of 30 September will be for the quarter (October-December) starting from 1 October.

The increase in interest rates will now earn more on your savings, especially when inflation is overshadowing the pockets of weak people. This will be an important step of the government, which will help the common people to save and get better returns on safe investment. So wait for the announcement of September 30 and see how much additional interest is received on your favorite plan!