Amit Gupta, MD, SAG Infotech said, “Public Provident Fund (PPF) interest rate may rise sharply.”
Interest rates on the Public Provident Fund (PPF) and various marginal financial savings accounts may rise sharply as a result of the rise in yields on Authorities Securities (G-Secs). By the top of this month, these charges will likely be reviewed, which happens every quarter. The interest rate on PPF is currently 7.1%, although the yield on authorities securities has already crossed 7.3%. Amit Gupta, MD, SAG Infotech said that the Public Provident Fund (PPF) interest rate is likely to be hiked soon.
For the last 27 months, there has been no change in the interest rate on small financial savings schemes. The last time the charge was cut was in the April-June 2020 quarter.
Amit Gupta pointed out that there is a direct relationship between microfinance savings funding and government-second returns. So this increase in G-Sec yield is not only going to increase the interest rate on PPF but may also affect the costs of funding small financial savings. He mentioned
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Vivek Iyer, Associate, Grant Thornton India, said rising inflation across the world is a phenomenon that erodes people’s financial savings. Keeping in view the financial coverage, interest rates should be raised with the aim of efficiently managing inflation. When inflation is transient, the increase in spending is not passed on to savers.
Still, he continued, inflation looks set to stay for some time to come, and increasing PPF spending is a sensible course of action to take into account the underlying purchasing power that dampens inflation.
Nationwide Financial Savings Certificate (NSC), KVP, Mounted Deposit, Senior Citizen Financial Savings Scheme and Sukanya Samridhi Yojana Apart from PPF, there are other small financial savings options.
These small financial savings schemes have variable rates of interest which can be linked to the market return on authorities’ securities with a choice of 0-100 bps, and are mounted on the circulation and market yield at quarterly intervals. “It is anticipated that along with the increase in G-Sec yields, small financial savings will also be among traders with Nationwide Financial Savings Certificates, Time Deposits, KVP, Public Provident Fund, Sukanya Samridhi Yojana and Senior Citizen Financial Savings Scheme. May increase. of their investments. can do charge.” Added by Amit Gupta
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Latest curiosity charges of PPF, SSY and various small financial savings schemes
* Public Provident Fund (PPF) – 7.1%
* Nationwide Financial Savings Certificate (NSC) – 6.8%
* One Year Mounted Deposit Scheme -5.5%
* Senior Citizen Financial Savings Scheme (SCSC) – 7.4%.
* Sukanya Samridhi Yojana -7.6 percent.
* 5 Year Recurring Deposit – 5.8 %
* Financial Savings Deposit Interest Rate – 4%
* 1 to 5 years Mounted Deposits – 5.5-6.7 %
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