Modi government gave the gift of an increase in interest rates in the election year: Interest Rate Hike for Sukanya Samriddhi Yojana

Modi government gave the gift of an increase in interest rates in the election year: Interest Rate Hike for Sukanya Samriddhi Yojana

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Boost for Sukanya Samriddhi Yojana Investors

Before the dawn of the new year, the Modi government has delivered a significant boon to investors participating in the Sukanya Samriddhi Yojana. The interest rate for the fourth quarter of the financial year 2023-24 has been elevated to 8.2 percent, marking an increase from the initial rate of 8 percent for early investors. Notably, the government has maintained stability in the interest rates of other schemes.

Modi government gave the gift of an increase in interest rates in the election year: Interest Rate Hike for Sukanya Samriddhi Yojana

Across-the-Board Interest Rate Hike

In a sweeping move, the government has declared an increase in the interest rates of small savings schemes for the fourth quarter of the financial year 2023-24. However, this adjustment is exclusive to the Sukanya Samriddhi Yojana, with no alterations made to the interest rates of other schemes. The interest rate for Sukanya Samriddhi Yojana now stands at 8.2 percent for the January to March quarter, marking the second increment in this fiscal year.

Increment in the Interest Rates for Daughters’ Benefit

During the initial quarter, the government had previously raised the interest rate for Sukanya Samriddhi Yojana from 7.6 percent to 8 percent. In the current financial year, there has been an additional 0.6 percent increment in the interest rates of this scheme, specifically designed to benefit daughters.

Stability in Other Scheme Interest Rates

Despite the changes in Sukanya Samriddhi Yojana, there has been no modification in the interest rates of other schemes. The Monthly Income Scheme (MIS) maintains its rate at 7.4 percent, while fixed deposits and savings deposits remain at 7.1 percent and 4 percent, respectively.

Overview of Other Schemes’ Interest Rates

The interest rate on Kisan Vikas Patra is stable at 7.5 percent, with a maturity period of 115 months. The National Savings Certificate (NSC) holds a consistent interest rate of 7.7 percent for the period from January 1 to March 31, 2024.

Conclusion:

In summary, the government’s decision to increase the interest rates for Sukanya Samriddhi Yojana and NSC stands out amidst the unchanged rates for other schemes. This move reflects a strategic approach to incentivizing investment for the benefit of the citizens.

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