Government gave a bumper gift of Diwali, increased interest rates on small savings schemes

Senior citizen scheme will now get 7.6 percent interest rate. Earlier it was 7.4 percent. At the same time, the rates of 3 year time deposit have also been increased. It has now increased from 5.5 per cent to 5.8 per cent.

small savings scheme interest rates increased

the government small savings scheme interest rates have changed. Interest rates have been increased in the third quarter of the current financial year. According to the report, the interest rate on two-year time deposits has been increased from 5.5% to 5.7%. same 3 year old time deposit rate has been increased from 5.5% to 5.8%. The government changes the interest rates every three months. This time too, people have been given gifts by the government before Diwali.

Actually, earlier this announcement was made after the MPC meeting of the Reserve Bank. But the government has announced it a day before. Right now the MPC meeting of the Reserve Bank is going on and an increase in policy rates may be announced tomorrow.

According to the new decision, the interest rate of Senior Citizen Savings Scheme has been increased to 7.6%. Earlier this rate was 7.4%. Similarly, the rate of Monthly Income Account Scheme has been reduced to 6.7 percent. Earlier this rate used to be 6.6 percent.

Repo rate may increase tomorrow

The Reserve Bank may increase the repo rate on Friday to deal with inflation. Following the path of other central banks of the world including the US Federal Reserve, the Reserve Bank of India may increase interest rates for the fourth consecutive time on Friday. RBI has increased the repo rate by 1.40 percent since May to control inflation. During this period, the repo rate has increased from four percent to 5.40 percent.

The Monetary Policy Committee (MPC) may decide to increase the repo rate by 0.50 percent on 30 September. If this happens, the repo rate will increase to 5.90 percent. This will make the loan costly and the EMI of the loan will increase.

(updating news)