Small Savings Scheme Interest Rate: Good news has come for those investing in Small Savings Scheme. The government has announced interest rates on small savings schemes for the October to December quarter. The government has increased the interest rate on 5 year recurring deposits (RD).
New Delhi. Before the festive season, Modi government has given a gift to those investing in Small Savings Scheme. The government has announced interest rates on Small Savings Schemes for the October to December quarter. The government has increased the interest rate on 5 year recurring deposits (RD). However, except one scheme, there has been no change in the interest rate of any scheme.
There has been an increase of 20 basis points i.e. 0.20 percent on 5 year RD. The interest rate on 5 year RD has been increased from 6.5 percent to 6.7 percent. These new rates will be applicable from 1 October to 31 December. Interest will continue to be paid on investments in Senior Citizens Savings Scheme (SCSS), National Savings Certificate (NSC), PPF, Kisan Vikas Patra (KVP) and Sukanya Samriddhi Yojana (SSY).
According to the circular issued by the Finance Ministry on Friday, 4 percent interest on savings deposits and 6.9 percent interest on one year time deposits will continue to be available as before. The interest on 2 year and 3 year time deposit is 7 percent while on 5 year time deposit it is 7.5 percent. 8.2 percent interest will continue to be available on Senior Citizen Savings Scheme. The interest on MIS scheme is 7.4 percent while on NSC it is 7.7 percent and on PPF scheme it is 7.1 percent. The interest rate on KVP is 7.5 percent and it will mature in 115 months. The interest rate on Sukanya Samriddhi Account has been maintained at 8 percent.
How much interest is being received in which scheme?
- Savings Account- 4.0% interest
- 1 year time deposit – 6.9% interest
- 2 years time deposit – 7.0% interest
- 3 years time deposit – 7.0% interest
- 5 years time deposit – 7.5% interest
- 5 year recurring deposit – 6.7% interest (till now it was 6.5%)
- Senior Citizen Savings Scheme – 8.2% interest
- Monthly Income Account Scheme – 7.4% interest
- National Savings Certificate- 7.7% interest
- Public Provident Fund- 7.1% interest
- Kisan Vikas Patra – 7.5% interest (on maturity in 115 months)
- Sukanya Samriddhi Yojana- 8.0% interest
