? Cool Title, but what’s the news?
The government has kept the interest rates for small savings schemes which include PPF, POMIS, NSC etc. unchanged for the second quarter(July-September) of the current financial year.
? Okay, but what does it mean?
Due to the increase in interest rates in the economy, it was expected that the government would increase interest rates on small savings schemes as well.
? Why should I care?
This comes as a bad news for investors in small savings schemes. Several of these schemes such as PPF, NSC, post office monthly income scheme, and Senior Citizens Savings Schemes are popular with fixed income earners. The next review of interest rates will be done in the next quarter.
Source: Economic Times
The PPF interest rate is determined by the government entities and are subjected to change. is the deposits that are made in the PPF account are also eligible to be claimed as a tax deduction?