Good news for seniors! Earn more now with the Senior Savings Scheme

Good news for seniors: The government has increased the interest on the senior savings plan to make it more lucrative. “The interest rates on various Small Savings Schemes for the third quarter of the fiscal year 2022-2 from October 1, 2022 and ending on December 31, 2022 have been revised,” the Ministry of Economic Affairs said in an office note. The Ministry of Economic Affairs falls under the Ministry of Finance.

According to the new rates, the Senior Savings Scheme now offers an interest rate of 7.6 percent, up from 7.4 percent in the previous quarter. The government has increased the rates by 20 basis points.

The notification also revealed that the government has increased rates on two-year time deposits by 20 bps from 5.5 percent to 5.7 percent and by 30 bps on three-year time deposits from 5.5 percent to 5.8 percent.

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The government also raised the interest on the Monthly Income Scheme from 6.6 percent previously to 6.7 percent.

In an effort to help farmers earn more, the government also raised the interest rate on Kisan Vikas Patra to 7 percent with a 123-month maturity, from a previous 6.9 percent with a 124-month maturity.

government savings schemes

On the other hand, the government has left the interest rates of Sukanya Samriddhi Yojana (SSY), Public Provident Fund (PPF), National Savings Certificate (NSC), one-year term deposit and a 5-year periodic deposit unchanged.

The new interest rates came into effect on 1 October and only apply to the third quarter of the current financial year.

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2 thoughts on “Good news for seniors! Earn more now with the Senior Savings Scheme

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