https://timelinedaily.com/business/finance-ministry-defends-gdp-growth-estimate-amid-controversy

The finance ministry has decided to hike interest rates on ‘Sukanya Samriddhi Yojana,’ a savings scheme for girls, as part of its ‘Beti Bachao-Beti Padhao’ initiative, from 8 percent to 8.2 percent, which is a 20-basis point increase, PTI reported.

The scheme allows a parent or guardian of a girl child aged 10 or younger to open an account in either an authorised bank or the nearest post office, making them eligible for higher interest rates and tax benefits.

The scheme matures after 21 years, or in the event of the marriage of the girl child after she turns 18, and allows the depositor to prematurely withdraw up to 50 percent of the investment after the girl turns 18, even if she does not marry.

The government has also hiked the interest rates on three-year term deposits from 7 percent to 7.1 percent. But the interest rate for the Public Provident Fund is unchanged at 7.1 percent, Kisan Vikas Patra stands at 7.5 percent, the National Savings Certificate (NSC) interest rate remains at 7.7 percent, and the interest rate for the monthly income scheme remains at 7.4 percent.

The government notifies the interest rate on small savings schemes, primarily operated by post offices, every quarter in the financial year.

Since May 2022, the Reserve Bank has raised the benchmark lending rate by 2.5 percent to 6.5 percent, forcing banks to raise interest rates on deposits as well.