The government on Friday raised the interest rate on the five-year recurring deposit scheme to 6.7 per cent from 6.5 per cent for the December quarter. With this, the government retained the rates for all other small savings schemes. The interest rate on savings deposits has been retained at 4 per cent and on the one-year term deposit at 6.9 per cent, according to a finance ministry circular.
The rates were the same during the September quarter. The interest rate on both the two-year and three-year term deposits is 7 per cent while on the five-year term deposit, the rate is 7.5 per cent.
Senior citizens savings scheme will fetch an interest rate of 8.2 per cent. On the monthly income account scheme, the interest rate is 7.4 per cent while it is 7.7 per cent on the National Savings Certificate and 7.1 per cent on the Public Provident Fund (PPF) scheme.
The interest rate on the Kisan Vikas Patra is 7.5 per cent and the investments will mature in 115 months.
As per the circular, the interest rate on the popular girl child scheme Sukanya Samriddhi Account has been retained at 8 per cent. The government notifies the interest rate on small savings schemes, majorly operated by post offices, every quarter.
(with inputs from PTI)
Latest Business News
Denial of responsibility! Samachar Central is an automatic aggregator of Global media. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, and all materials to their authors. For any complaint, please reach us at – [email protected]. We will take necessary action within 24 hours.
Omprakash Tiwary is a business writer who delves into the intricacies of the corporate world. With a focus on finance and economic landscape. He offers readers valuable insights into market trends, entrepreneurship, and economic developments.
