Latest small savings scheme interest rate: From PPF to Sukanya Samriddhi Yojana - Check details here
Latest small savings scheme interest rate: The Union government recently reduced the interest rate on small savings schemes, including National Savings Certificate (NSC) and Public Provident Fund (PPF).
Latest small savings scheme interest rate: The Union government recently reduced the interest rate on small savings schemes, including National Savings Certificate (NSC) and Public Provident Fund (PPF). The interest rates of these schemes have been reduced by 0.1 per cent for the July-September quarter. It is expected that the reduced interest rate on small savings scheme will match the softening of interest rates in the banking sector since the RBI cut its benchmark policy rate thrice during the year. The interest rate on savings deposits, however, has not been reduced.
"On the basis of the decision of the government, interest rates for small savings schemes are to be notified on a quarterly basis," the Finance Ministry in a notification.
Check small savings schemes interest rates for June-September Quarter
Public Provident Fund (PPF): 7.9%
National Savings Certificate (NSC): 7.9%
Kisan Vikas Patra (KVP): 7.6 per cent with maturity of 113 months.
Sukanya Samriddhi Account: 8.4 per cent from 8.5 per cent.
Term deposits of 1-3 years: 6.9 per cent
Term deposit of 5 years: 7.7 per cent
Recurring deposit; 7.2 per cent
Five-year Senior Citizens Savings Scheme: 8.6 per cent
All of the above small savings scheme accounts can be opened with the Post Office. Depositors money will now, however, earn less interest in the current quarter.
Small savings schemes interest rates are revised quarterly by the government. The state of the country's overall economy play an important role in the determination of small savings schemes interest rates.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.