As per the latest circular of the government, the interest rate on small sav-ings schemes, including PPF, NSC, SCSS and post office deposits, will remain unchanged for the fourth quarter of the financial year 2021-22, ending March 31, 2022.
Falling interest rates in small savings schemes such as PPF, NSC and SCSS can leave senior citizens with a lower retirement corpus and regular income.
Corporate FDs are offering higher returns than bank FDs, but they are also riskier.
With FD rates at an all-time low, inflation and tax outgo will erode your investment. This may hit senior citizens the most.
Zero down on the loan amount and tenure to ensure you can afford the EMIs
Monetary Policy Committee (MPC) decided to maintain status quo, that is keeping benchmark repurchase (repo) rate at 4 per cent, RBI Governor Shaktikanta Das said while announcing the bi-monthly monetary policy review.
As of Monday, the 5y5y was trading at 2.28per cent, an indication that annual inflation will be close to the Federal Reserve's 2per cent target.
The announcement was made by Union finance minister Nirmala Sitharaman on Twitter.
This is the first time in 46 years that the interest rate of the PPF has gone below the 7 percent-mark.
The Supreme Court bench of Justices Ashok Bhushan, R Subhash Reddy and MR Shah were hearing a batch of petitions on whether to waive interest payments on coronavirus support loans in a move that could give relief to millions of people.
The RBI had last revised its policy rate on May 22, in an off-policy cycle to perk up demand by cutting interest rate to a historic low
As per the guidelines, the scheme can be availed by borrowers in specified loan accounts for a period from March 1 to August 31, 2020.
SBI also introduced special deposit scheme for senior citizens with higher interest rate.
The PPF interest rate of 7.1 per cent, down from 7.9 per cent, is the lowest in four decades, and the fixed and recurring deposit rates are the lowest since 1991.
The interest rate on the five-year term deposit has been reduced to 6.7 per cent from current rate of 7.7 per cent.
The RBI retained GDP growth at 5 per cent for 2019-20 and pegged it at 6 per cent for the next fiscal.
While the MCLR reduction is effective October 10, the revision in savings bank deposits rates will be from November 1, the bank said in a statement.
This is the fourth consecutive time that the RBI has reduced repo rate. In the earlier three policies, it reduced repo rate by 25 basis points each.
A farmer sits near his red chillies at a deserted APMC market, during the weekend curfew imposed by the Karnataka government to curb the spread of COVID-19, in Hubballi.PTI Photo
Delhi Chief Minister & AAP National Convenor Arvind Kejriwal being welcomed by women supporters during his door-to-door campaign ahead of the Goa Assembly elections, in Goa.PTI Photo
A health worker collects swab sample of a woman for COVID-19 test, amid concerns over rising Omicron cases, in Gurugram.PTI Photo
Traffic jam on a road at Shalimar Bagh during the weekend curfew imposed by the Delhi government to curb the spread of Covid-19, in New Delhi.PTI Photo/ Shahbaz Khan
The Lajpat Nagar market wears a deserted look during the weekend curfew imposed by the Delhi government to curb the spread of Covid-19, in New Delhi.PTI Photo/ Shahbaz Khan
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