NEW DELHI: The government has raised rates of interest on small financial savings schemes, including NSC and PPF, via as much as zero.four consistent with cent for the October-December quarter, in step with emerging deposit charges in the banks.
Interest charges for small financial savings schemes are notified on a quarterly basis.
The interest rates on quite a lot of small financial savings schemes for the 3rd quarter of monetary 12 months 2018-19, starting October 1 and ending on December 31, 2018, has been revised, the Finance Ministry stated while notifying the charges.
Interest fee for the five-year time period deposit, recurring deposit Senior Citizens Savings Scheme has been raised to 7.8, 7.three and eight.7 consistent with cent, respectively. The pastime on the senior voters' scheme is paid quarterly.
However, pastime on financial savings deposits has been retained at four consistent with cent, yearly.
Public Provident Fund (PPF) and National Savings Certificate (NSC) will fetch annual rate of interest of 8 consistent with cent as compared to existing 7.6 consistent with cent, while Kisan Vikas Patra (KVP) will yield 7.7 consistent with cent and mature in 112 months as towards 118 months in the previous quarter.
The lady kid financial savings scheme Sukanya Samriddhi account will earn higher rate of interest of 8.five consistent with cent fee, zero.four consistent with cent more then the current fee.
Term deposits of one-three years will fetch zero.three consistent with cent higher rate of interest.
While pronouncing the quarterly atmosphere of rates of interest in 2016, the finance ministry had stated that charges of small financial savings schemes could be related to government bond yields. The move is expected to see banks lowering their deposit charges in step with the small financial savings fee presented via the government.
Interest charges for small financial savings schemes are notified on a quarterly basis.
The interest rates on quite a lot of small financial savings schemes for the 3rd quarter of monetary 12 months 2018-19, starting October 1 and ending on December 31, 2018, has been revised, the Finance Ministry stated while notifying the charges.
Interest fee for the five-year time period deposit, recurring deposit Senior Citizens Savings Scheme has been raised to 7.8, 7.three and eight.7 consistent with cent, respectively. The pastime on the senior voters' scheme is paid quarterly.
However, pastime on financial savings deposits has been retained at four consistent with cent, yearly.
Public Provident Fund (PPF) and National Savings Certificate (NSC) will fetch annual rate of interest of 8 consistent with cent as compared to existing 7.6 consistent with cent, while Kisan Vikas Patra (KVP) will yield 7.7 consistent with cent and mature in 112 months as towards 118 months in the previous quarter.
The lady kid financial savings scheme Sukanya Samriddhi account will earn higher rate of interest of 8.five consistent with cent fee, zero.four consistent with cent more then the current fee.
Term deposits of one-three years will fetch zero.three consistent with cent higher rate of interest.
While pronouncing the quarterly atmosphere of rates of interest in 2016, the finance ministry had stated that charges of small financial savings schemes could be related to government bond yields. The move is expected to see banks lowering their deposit charges in step with the small financial savings fee presented via the government.
Government hikes interest rate on PPF, other small savings by up to 0.4%
![Government hikes interest rate on PPF, other small savings by up to 0.4%]()
Reviewed by Kailash
on
September 20, 2018
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