Small Savings Scheme interest rates for the period - January to March 2021

 Small Savings Scheme interest rates for the period - January to March 2021

 The Change of interest rates for the Small Savings Scheme in India were announced quarterly. Generally the Postal Office schemes and Bank deposits are come under the Small Savings scheme. It is noteworthy that the Central bank(Reserve Bank of India) has been lowering the interest rates on Bank deposits for the past few years.

Interest rates on Small savings scheme for the Fourth quarter of the current Financial year 2020-21 have been announced. It is said that the interest rate will continue as the same declared in October - December 2020 quarter. So, it's unchanged on rates for the Q4FY21.

For the Savings account, the interest rate is said to be about 4 Percent. However, it will vary from bank to bank. The One year Term Deposit rate comes with 5.5 Percent. For the Two years and Three years Term deposit, the rates are considered as 5.5 Percent. 

 

Small savings interest rate Jan 2021

It was about 6.7 Percent for the 5 Years Term Deposit saving scheme. The 5 year Recurring Deposit(RD) comes with 5.8 Percent and the Senior Citizen savings scheme(5 Years) is 7.4 Percent. For the Girl Child, Sukanya Samriddhi were at 7.6 Percent, which is the highest rate under the Small Savings Scheme.

The Public Provident Fund(PPF) is a 80c Tax saving scheme comes with 7.10 Percent and the Kisan Vikas Patra provides the interest rate of 6.90 Percent. The NSC(National Savings Certificate) gives around 6.8 Percent. 

Sukanya Samriddhi and PPF are the Long term savings plan, which provides the Tax Saving (Exempted -EEE) option and also with the decent rates.

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