'The government's decision to keep interest rates unchanged on small savings schemes will certainly constrain banks' ability to cut deposit rates further.'
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After dematerialising crores of shares over the past seven years, the National Securities Depository Ltd is set to extend the service to other financial instruments.
>According to the latest RBI data, PPF receipts have already experienced a decline between April 2023 and February 2024. Other schemes like the Sukanya Samriddhi Account and National Savings Certificate are also witnessing reduced inflows.
The government on Friday raised interest rates on most post office saving schemes by up to 0.7 per cent for the April-June 2023 quarter in line with the firming of interest rates in the economy. While the interest rates for popular PPF and savings deposits have been retained at 7.1 per cent and 4 per cent, respectively, there has been an increase between 0.1 per cent and 0.7 per cent in other saving schemes, a finance ministry statement said. The highest increase was in the interest rate of the National Savings Certificate (NSC), which will now attract 7.7 per cent, up from 7 per cent, for the April 1 to June 30, 2023 period.
Finance ministry maintains that all KYC requirements will be followed.
In view of popular demand, the government will on Tuesday relaunch saving instrument Kisan Vikas Patra (KVP), wherein the invested money will get doubled in 8 years and 4 months.
Kisan Vikas Patra or KVP is one of the many fixed income financial products offered by the Indian Post Office department. It is a fixed income instrument that offers to double the investment in 8.7 years. InvestmentYogi looks at its prominent features.
The government on Wednesday cut interest rates on small savings schemes, including NSC and PPF, by up to 1.1 per cent for the first quarter of 2021-22 in line with falling fixed deposit rates of banks. Interest rate on Public Provident Fund (PPF) has been reduced by 0.7 per cent to 6.4 per cent while National Savings Certificate (NSC) will now earn 0.9 per cent less at 5.9 per cent. Interest rates for small savings schemes are notified on a quarterly basis. The rates of interest on various small savings schemes for the first quarter of the financial year 2021-22 starting from April 1 has been revised, the finance ministry said in a notification.
Getting locked into instruments before the new regime kicks in would be a good strategy.
'Decide on an asset allocation you are comfortable with and stick to it for the long term.'
The next revision will make the rates similar to those of bank FDs.
Post office savings of 1, 2 and 3 year term deposits and 5-year recurring deposit currently fetch 8.4 per cent interest per annum.
The popular Five-Year National Savings Certificates will earn an interest rate of 8.1 per cent from April 1 as against 8.5 per cent, at present.
In a move that will hit the common man, the government on Friday slashed interest rates payable on small savings including PPF and Kisan Vikas Patra (KVP) in a bid to align them closer to market rates.
The beleaguered Congress in Andhra Pradesh is witnessing a renewed all out war between the loyalists and the opponents of late chief minister Y S Rajashekhar Reddy.
Here's how EPF stacks against other investment options
As the son of Andhra Pradesh Chief Minister YSR Reddy, Jaganmohan Reddy enjoyed tremendous clout in the state and a good amount of respect in New Delhi. But only nine months after his father's sudden demise, young MP from Kadapa is fast becoming a man with no friends.
The power struggle in Andhra Pradesh Congress party continuing since the sudden death of Chief Minister Y S Rajasekhara Reddy is fast heading towards its climax as there are indications that the party's central leadership will invite YSR's son and a claimant of CM's gaddi Jaganmohan Reddy to Delhi to strike out a compromise formula.
Centre took Rs 1,002 bn from here in 2017-18, sharply up from Rs 904 bn a year before and Rs 123.6 bn in FY14
As the sympathy generated by Rajasekhara Reddy's tragic death has started ebbing, it has become more or less clear now that the Congress high command was in no mood to oblige aggressive campaigners projecting Jaganmohan Reddy as his successor.
BCCI has approved 10-team IPL from 2022 edition and are backing ICC's bid for cricket's inclusion in 2028 Olympics after some clarifications from IOC.
Rationalisation in the rates offered by small savings schemes is a must.
Even an investor with an appetite for risk can consider investing in fixed deposits to hold a complete and well-diversified portfolio across asset classes.
Finance minister Arun Jaitley had recently sent a delegation to Switzerland and the members had returned with some positive movement.
The rates of interest on various small savings schemes for the third quarter of financial year 2018-19, starting October 1 and ending on December 31, 2018, has been revised, the finance ministry said while notifying the rates.
Since April 2016, interest rates of all small saving schemes have been recalibrated on a quarterly basis.
The Budget and related appropriation bills were passed by the Lok Sabha on Monday.
Rumblings within Congress over its decision to form Telangana grew on Friday with its seven MPs, a state minister and seven MLAs from Andhra and Rayalaseema regions quitting amid indications that some more are likely to follow suit.
Interest rate on Public Provident Fund scheme was cut to 8.1%.
The bill provides for severe punishment ranging from 1 year to 10 years and pecuniary fines ranging from Rs 2 lakh to Rs 50 crore to act as deterrent.
A draw of lots was held on Friday to allot Rajya Sabha members to Telangana and residual Andhra Pradesh following division of the state.
The finance ministry on Sunday highlighted its achievements during the past six months, including the Jan-Dhan Yojana, Varishtha Pension Bima Yojana, and actions taken to curb black money.
The prospect of an upset worries the ruling Congress in Andhra Pradesh as it faces a threat from a rebel candidate in the biennial election to Rajya Sabha slated for Friday.
Banks have reduced their base rate or the minimum lending rate in the range of 0.1-0.5 per cent till April 15.
Protests by various opposition parties have led to a near washout of both houses in Parliament.
As soon as Speaker Sumitra Mahajan took up the Question Hour, members from these parties trooped into the Well holding placards.
The Board of Control for Cricket in India on Friday formed an ad-hoc committee for cricket administration in the states of Bihar and Uttarakhand.
Rajya Sabha was adjourned barely six minutes after the House met.
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