Never miss a great news story!
Get instant notifications from Economic Times
AllowNot now


You can switch off notifications anytime using browser settings.
12,086.70114.9
Stock Analysis, IPO, Mutual Funds, Bonds & More

Government cuts interest rate on small savings schemes by 0.1%

Interest rates on small savings schemes is reset before each quarter and depends on government bond yields in the previous quarter.

, ET Bureau|
Updated: Jun 28, 2019, 09.00 PM IST
0Comments
Govt cuts interest rate on small savings schemes by 0.1 pc, effective July 1
Govt cuts interest rate on small savings schemes by 0.1 pc, effective July 1
Interest rates on small savings schemes such as National Savings Scheme, Kisan Vikas Patra and Public Provident Fund have been cut by 10 basis points, according to a finance ministry notification.

Interest rates on small savings schemes is reset before each quarter and depends on government bond yields in the previous quarter.

The government has reduced interest rate on PPF to 7.9% from 8% now.

Interest on five- year NSC has also been cut to 7.9%.

Interest rate on Sukanya Samridhi Yojana, the scheme for the girl child, has

been brought down to 8.4% from 8.5%.

Interest rate on Kisan Vikas Patra has come down to 7.6% from 7.7%. It will now mature in 113 months instead of 112 months.

The interest rates on five-year time deposits, five-year recurring deposits and the five-year Senior Citizens Savings Scheme have been lowered by 10 basis points. Senior citizens scheme will now attract an interest rate of 8.6%. Five-year time deposit and five year recurring deposit will attract interest rates of 7.7% and 7.2% respectively.

Postal savings rate remains unchanged at 4%.

Also Read

Falling interest rates hit pensioners

Top 5 banks' home loan interest rates

Home loan interest rates linked to repo rate

Top 10 banks' home loan interest rates

NSE launches interest rate options on 10-year G-Secs

Comments
Add Your Comments
Commenting feature is disabled in your country/region.
Download The Economic Times Business News App for the Latest News in Business, Sensex, Stock Market Updates & More.

Other useful Links


Copyright © 2019 Bennett, Coleman & Co. Ltd. All rights reserved. For reprint rights: Times Syndication Service