The formula to arrive at the interest rates for small savings scheme was given by the Shyamala Gopinath Committee. The interest rates on small savings schemes are reviewed every quarter by the government. How interest rates are set for small savings schemes Similarly, ICICI Bank is offering 3-3.5% per annum. Post office savings account is currently offering 4% per annum whereas SBI is offering 2.70% per annum interest rate on its savings account. Compared to this Post Office Term Deposits with 1-3 year tenures earn 5.5 percent.Īpart from fixed deposits, even the interest rates on savings accounts offered by some of the bigger banks is lower than the interest rate on the post office savings account. Most major banks have hiked FD interest rates marginally.įDs vs bank savings accounts vs small saving schemesĮffective JanuSBI's 1-2 year FD will earn an interest rate of 5.1 percent. With RBI having kept rates unchanged for so long, banks that have cutting fixed deposit (FD) interest rates relentlessly for the past few years, have now slowly started increasing rates.
It has been more than 20 months since the last change in repo rate when it was reduced to 4% on May 22, 2020, which is the lowest rate since April 2001. People will be keenly watching to see what RBI will do with key policy rates now that there is geopolitical tension due to the Russia-Ukraine crisis. This especially since FD rates are at decadal lows, and the Employees' Provident Fund (EPF) interest rate for FY 2021-22 has been slashed to a 40-year low to 8.1 percent.Īll eyes are on the Reserve Bank of India (RBI) which is set to announce the bi-monthly monetary policy review on April 8, 2022. The government maintaining status quo on small savings rates is good news for fixed income investors. Source: Finance ministry circular dated March 31, 2022
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