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NEW DELHI: The government on Friday hiked interest rates on select small saving schemes by up to 0.3% for the July-September quarter.
The highest increase of 0.3 per cent was for the five-year recurring deposit (RD). During the second quarter of the current fiscal, RD holders would get 6.5 per cent against the existing 6.2 per cent, as per the finance ministry notification.
With the revision, a one-year term deposit with post offices will now earn 0.1 percentage higher point at 6.9 per cent and for the two years tenor — 7 per cent (up from 6.9 per cent).
However, the government has retained the interest rates on term deposits for three years and five years at 7 per cent and 7.5 per cent.
Also, the interest rates for popular PPF and savings deposits are retained at 7.1 per cent and 4 per cent respectively.
The interest rate on the National Savings Certificate (NSC) has also been left unchanged at 7.7 per cent for July 1 to September 30, 2023 period.
The new rate for the girl child savings scheme Sukanya Samriddhi too stood at the existing level of 8 per cent.
The interest rate on the senior citizen savings scheme and Kisan Vikas Patra (KVP) is 8.2 per cent and 7.5 per cent, respectively.
There is no increase in interest rate for Monthly Income Scheme, and this will earn 7.4 per cent for the investors.
The government reviews and revises interest rates every quarter, and has aligned the increase in deposit rates with higher interest rates.
The new rates will be applicable from July 1.
(With inputs from agencies)
The highest increase of 0.3 per cent was for the five-year recurring deposit (RD). During the second quarter of the current fiscal, RD holders would get 6.5 per cent against the existing 6.2 per cent, as per the finance ministry notification.
With the revision, a one-year term deposit with post offices will now earn 0.1 percentage higher point at 6.9 per cent and for the two years tenor — 7 per cent (up from 6.9 per cent).
However, the government has retained the interest rates on term deposits for three years and five years at 7 per cent and 7.5 per cent.
Also, the interest rates for popular PPF and savings deposits are retained at 7.1 per cent and 4 per cent respectively.
The interest rate on the National Savings Certificate (NSC) has also been left unchanged at 7.7 per cent for July 1 to September 30, 2023 period.
The new rate for the girl child savings scheme Sukanya Samriddhi too stood at the existing level of 8 per cent.
The interest rate on the senior citizen savings scheme and Kisan Vikas Patra (KVP) is 8.2 per cent and 7.5 per cent, respectively.
There is no increase in interest rate for Monthly Income Scheme, and this will earn 7.4 per cent for the investors.
The government reviews and revises interest rates every quarter, and has aligned the increase in deposit rates with higher interest rates.
The new rates will be applicable from July 1.
(With inputs from agencies)
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