The Reserve Bank of India has raised the repo rate three times to control inflation in India. The interest rate was raised to 4.40 percent in May, 4.90 percent in June and 5.40 percent in August. As a result, the interest rate on loans and the interest rate on investments like Fixed Deposits have gone up significantly.
Recently some private and public sector banks have been increasing interest rates on savings and deposits. In this case, the Union Finance Ministry has announced an increase in interest rates for small savings schemes for the 3rd quarter of the financial year 2022-23. It is reported that this interest hike will be effective from October 1 to December 31.
Accordingly, there is no change in the interest rates of one-year small savings schemes. The interest rate for 2-year small savings schemes has been increased from 5.5 per cent to 5.7 per cent and the interest rate for 3-year small savings schemes has been increased from 5.5 per cent to 5.8 per cent.
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The interest rate on savings schemes for senior citizens has been increased from 7.4 per cent to 7.6 per cent. The interest rate for the monthly income account scheme has been increased from 6.6 per cent to 6.7 per cent. The interest rate on the Kishan Vikas Bond, which matures in 123 months, has been hiked from 6.9 per cent to 7.0 per cent.
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