Small savings schemes: Govt keeps interest rates unchanged for Jan-Mar qrt
PTI, Jan 1, 2020, 12:34 PM IST
New Delhi: The government on Tuesday kept the interest rates on small savings schemes, including NSC and PPF, unchanged for the fourth quarter of 2019-20 despite moderating bank deposit rates.
Public Provident Fund (PPF) and National Savings Certificate (NSC) will continue to carry an annual interest rate of 7.9 per cent, while Kisan Vikas Patra (KVP) will give a yield of 7.6 per cent and mature in 113 months.
Interest rates for small savings schemes are notified on a quarterly basis.
“The rates of interest on various small savings schemes for the fourth quarter of the financial year 2019-20 starting January 1, 2020, and ending on March 31, 2020, shall remain unchanged from those notified for the third quarter of the financial year 2019-20,” the finance ministry said in a notification.
The interest rate for the five-year Senior Citizens Savings Scheme has been retained at 8.6 per cent. The interest on the senior citizens’ scheme is paid quarterly. Interest on savings deposits has been retained at 4 per cent annually.
The girl child savings scheme Sukanya Samriddhi Yojana account will offer 8.4 per cent rate during the first quarter of the next fiscal.
Term deposits of 1-5 years will fetch interest rate in the range of 6.9-7.7 per cent, to be paid quarterly, while the five-year recurring deposit is pegged at 7.2 per cent.
While announcing the quarterly setting of interest rates in 2016, the finance ministry had said that rates of small savings schemes would be linked to government bond yields.
The Reserve Bank of India (RBI) earlier this month had also kept interest rates static on inflationary concerns.
Udayavani is now on Telegram. Click here to join our channel and stay updated with the latest news.
Top News
Related Articles More
Markets tank in early trade as Middle East tensions flare-up
Tesla shares tumble below $150 per share, giving up all gains made over the past year
India not reaping benefits of democratic dividend: Raghuram Rajan
Markets slump for third day on fears of escalating tensions in Middle East; IT stocks drag
Tesla is planning to lay off 10 of its workers after dismal 1Q sales, multiple news outlets report
MUST WATCH
Latest Additions
Lok Sabha elections 2024: Open ‘Mohabbat ki Dukaan’ in every corner by defeating hatred, Rahul tells voters
Wrestlers Deepak Punia, Sujeet Kalakal to miss Asian qualifiers after arriving late in Bishkek
Bangalore never had woman MP & Cong’s Sowmya Reddy wants to make history
Markets tank in early trade as Middle East tensions flare-up
Gadag: 4 of a family brutally murdered by home intruders