Govt hikes interest rate on PPF, other small savings by up to 0.4%
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Interest rates for small savings schemes are notified on a quarterly basis.
The rates of interest on various small savings schemes for the third quarter of financial year 2018-19, starting October 1 and ending on December 31, 2018, has been revised, the Finance Ministry said while notifying the rates.
Interest rate for the five-year term deposit, recurring deposit Senior Citizens Savings Scheme has been raised to 7.8, 7.3 and 8.7 per cent, respectively. The interest on the senior citizens' scheme is paid quarterly.
However, interest on savings deposits has been retained at 4 per cent, annually.
Public Provident Fund (PPF) and National Savings Certificate (NSC) will fetch annual interest rate of 8 per cent as compared to existing 7.6 per cent, while Kisan Vikas Patra (KVP) will yield 7.7 per cent and mature in 112 months as against 118 months in the previous quarter.
Term deposits of one-three years will fetch 0.3 per cent higher interest rate. (Source - Times of India)
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