Page 2 - Small Savings Schemes
Govt relaxes norms for various small savings schemes including PPF
The government has relaxed the norms for various small savings schemes, including the Public Provident Fund (PPF) and Senior Citizen's Savings Scheme. For the Senior Citizen's Savings Scheme, the new norms provide three months to open an account against one month's time at present. As per the gazette notification dated November 9, an individual can open an account under the Senior Citizen's Savings Scheme within three months from the date of receipt of the retirement benefits and proof of the date of disbursal of such retirement benefits. The deposit in such an account will earn interest at the rate applicable to the scheme on the date of maturity or the date of extended maturity, the notification said. In the case of the Public Provident Fund, the notification has made some changes with regard to the premature closure of accounts. This scheme may be called the Public Provident Fund (Amendment) Scheme, 2023, the notification said. According to the notification, some changes have
 "Govt relaxes norms for various small savings schemes including PPF")
Govt hikes interest rate on 5-year recurring deposit scheme to 6.7%
Small savings schemes are government-backed investment options that offer guaranteed returns. The interest rates on small savings schemes are reviewed every quarter
 "Govt hikes interest rate on 5-year recurring deposit scheme to 6.7%")
Small saving schemes: Highest interest rate is 8.2 per cent. Details here
If you are investing for specific long-term goals, such as your children's education or marriage, small savings schemes may be the ideal option. Fixed deposits are better suited for short-term goals
 "Small saving schemes: Highest interest rate is 8.2 per cent. Details here")
Net collections under small savings schemes dip for first time in 11 years
The top 5 states with the highest net collections in FY23 were West Bengal, Maharashtra, Uttar Pradesh, Tamil Nadu, and Karnataka
 "Net collections under small savings schemes dip for first time in 11 years")
Govt raises rates on select small savings schemes for July-Sept quarter
Small savings rate for the five-year recurring deposit was raised by 30 bps to 6.5 per cent
 "Govt raises rates on select small savings schemes for July-Sept quarter")
Small savings schemes interest rates hiked by 30 bps for July-Sept quarter
Interest rates on term deposits for three years and five years have been retained at 7 per cent and 7.5 per cent
 "Small savings schemes interest rates hiked by 30 bps for July-Sept quarter")
Senior citizens scheme sees investment of over Rs 10,000 crore in April
The interest rate for SCSS was increased to 8.2% from 8%, and that of the monthly income scheme was increased to 7.4% from 7.1%
 "Senior citizens scheme sees investment of over Rs 10,000 crore in April")
Small savings schemes: Pay heed to return, taxation, and lock-in
Returns of some schemes remain unchanged throughout the tenure, but can fluctuate in the case of others
 "Small savings schemes: Pay heed to return, taxation, and lock-in")
Govt hikes interest rates on most small savings schemes by up to 70 bps
Rate on National Savings Certificate steeply raised by 70 bps, PPF kept unchanged
 "Govt hikes interest rates on most small savings schemes by up to 70 bps")
Centre may announce Aadhaar-based KYC norms for small savings schemes
The simplified KYC, along with small savings rates for the April-June 2023 quarter, may be announced on March 31, the official said
 "Centre may announce Aadhaar-based KYC norms for small savings schemes")
'Govt schemes not for votebank, but a medium to achieve self-reliance'
Uttar Pradesh Chief Minister Yogi Adityanath urged educational institutions to create maximum awareness among the youth regarding the govt schemes, and said that schemes are not just for vote-bank
 "'Govt schemes not for votebank, but a medium to achieve self-reliance'")
Small savings are an attractive option for investors in lower tax brackets
Though debt mutual funds are currently offer yields to maturity that are marginally higher than small savings
 "Small savings are an attractive option for investors in lower tax brackets")
Finance Ministry sharply raises small savings rates for March quarter
Small savings rates for 1-year time deposit (6.6 per cent), 2-year time deposit (6.8 per cent) and 3-year time deposit (6.9 per cent) were raised by 110 bps
 "Finance Ministry sharply raises small savings rates for March quarter")
From PPF to Sukanya Samriddhi, a look at the best small-savings schemes
A Jamaican proverb reads: Save money and money will save you. In line with this, we bring you the three most attractive small saving schemes that you may consider investing in >
 "From PPF to Sukanya Samriddhi, a look at the best small-savings schemes")
PPF and Sukanya Samriddhi are most attractive in small-savings basket
Senior Citizens' Savings Scheme remains a must-have for those who need regular cash flows after retirement
Some small savings schemes see up to 30-basis point hike for Q3 of FY23
National Savings Certificate, Public Provident Fund rate kept unchanged
Small savings rate may remain unchanged for Oct-Dec qtr despite RBI moves
If this happens, it will be the 10th straight quarter of status quo; govt official says Centre did not cut rates when policy rates were being cut during pandemic
West Bengal's share in small savings rises to highest since pandemic began
Maharashtra has also seen an increase in net collections in recent years
 "West Bengal's share in small savings rises to highest since pandemic began")
Returns on small savings remain attractive despite no rate reviews
Investors who want to avoid their long lock-in can choose from a host of other high credit quality options
Govt keeps interest rates on small savings schemes unchanged for Q2FY23
The interest rate on small savings schemes has not been revised since the first quarter of 2020-21