Interest rate on PPF, NSC and other small saving schemes hiked

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Interest rate on PPF, NSC and other small saving schemes hiked
Interest rate on PPF, NSC and other small saving schemes hiked

New Delhi : The government on Thursday raised interest rates on Public Provident Fund (PPF), National Savings Certificate (NSC) and other small saving schemes by up to Rs 0.4 per cent. Interest rates on the small saving schemes are notified on the 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, have 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 government has retained a 4 per cent interest rate on the savings deposits. 

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.    

The girl child savings scheme Sukanya Samriddhi account will earn higher interest rate of 8.5 per cent rate, 0.4 per cent more than the current rate.