Small savings funds do not change in October-December

NEW DelHI: The government on Thursday abandoned fixed interest rates on a number of small financial institutions such as the public provident fund (PPF), a foreign investment certificate for the sixth consecutive quarter, (October-December) to bring relief to middle-income investors, who save their money in such ways for a better return.
The five-year post office savings system will continue to offer an interest rate of 6.7%, while the PPF will provide a 7.1% return. The return on small savings is much higher compared to the very low interest rate. Retirement savings benefits will continue to remain at 7.4% and lean Samriddhi Yojana continues to recover 7.6%.
The final reduction in the large prices that were unveiled in April had to be reversed due to opposition from those who had saved money. Price reductions came amid the West Bengal elections and the government reversed the election and decided to stay. Anxiety about rising prices and the price of gasoline and diesel fuel may have caused the government to change its mind.
“As expected, the minimum amount saved was not adjusted for Q3 FY22, in line with the corresponding sales trend for three months,” he said. Aditi Nayar, chief financial officer of an accounting firm ICRA.

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