Government hike interest rates on small savings schemes
Thursday - September 20, 2018 2:48 pm ,
Category : INDIA
Central government has hike interest rates of small savings schemes like Sukanya Samridhi Yojana and Public Provident Fund (PPF). Those who invest money will get benefits of increased interest rates on all small savings schemes for the October-December quarter. Increased interest rates will be effective from 1 October 2018 to 31 December 2018.
According to the notification issued by the Finance Ministry, public provident fund (PPF) and National Savings Certificate (NSC) will get 8 per cent interest. At the same time, Sukanya Samrudhi Yojana will now get 8.5% interest and 8.7% interest on Senior Citizens Savings Scheme. The interest rate on the Kisan Vikas Patra has been increased from 7.3 percent to 7.7 percent. However, there has been no change in interest rates of post office savings accounts and it will remain only 4 per cent.
The Finance Ministry has also increased the rate of interest for October to December, on National Savings Certificates, 5-yearly Monthly Income Account, yearly Senior Citizen Account, recurring deposits of 5 years and 1 to 5 years time deposit. The rate on National Savings Certificates increased from 7.6 per cent to 8 per cent, from 7.3 per cent to 7.7 per cent on monthly income account, from 8.3 per cent to 8.7 per cent on Senior Citizen Savings Scheme, and 5-year-old recurring deposits increased from 6.9 per cent to 7.3 per cent.
According to the notification issued by the Finance Ministry, public provident fund (PPF) and National Savings Certificate (NSC) will get 8 per cent interest. At the same time, Sukanya Samrudhi Yojana will now get 8.5% interest and 8.7% interest on Senior Citizens Savings Scheme. The interest rate on the Kisan Vikas Patra has been increased from 7.3 percent to 7.7 percent. However, there has been no change in interest rates of post office savings accounts and it will remain only 4 per cent.
The Finance Ministry has also increased the rate of interest for October to December, on National Savings Certificates, 5-yearly Monthly Income Account, yearly Senior Citizen Account, recurring deposits of 5 years and 1 to 5 years time deposit. The rate on National Savings Certificates increased from 7.6 per cent to 8 per cent, from 7.3 per cent to 7.7 per cent on monthly income account, from 8.3 per cent to 8.7 per cent on Senior Citizen Savings Scheme, and 5-year-old recurring deposits increased from 6.9 per cent to 7.3 per cent.
