The government on 31 March 2020 has announced new interest rate for small saving scheme, in the first quarter of 2020-21 government has reduced interest rate in all its schemes.
Here is a look, how much reduction done by government on its scheme ?
From the above table it is clear that government has slashed rates in all its small saving products. However, the most famous small saving schemes from the above is Senior citizen saving schemes, Public Provident fund and sukanya samridhi Yojana. The interest on these schemes are
The person who is mostly affected due to this slash in rates is senior citizen. Earlier senior citizen is getting much higher rates compared to other products and also they are getting interest on quarterly basis by which they are maintaining their liquid need. As senior citizen is completely relied on pension and interest income this slash in rates will affect them more.
Public provident fund (PPF) works on EEE concept that is exempt, exempt, exempt. This scheme is popular among salaried and government employees. As one is getting triple benefit on investing in this scheme , slash in rate not affect much more.
Sukanya samridhi scheme is for girl child whose age is 10 or below 10. Interest in this scheme is reduced by 0.80%. One have to think before investing in this scheme, as this is long term investment and also other better investment option are available.
Public provident fund (PPF) works on EEE concept that is exempt, exempt, exempt. This scheme is popular among salaried and government employees. As one is getting triple benefit on investing in this scheme , slash in rate not affect much more.
Sukanya samridhi scheme is for girl child whose age is 10 or below 10. Interest in this scheme is reduced by 0.80%. One have to think before investing in this scheme, as this is long term investment and also other better investment option are available.
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