Govt hikes small savings interest rates, PPF to fetch 8 per cent
New Delhi, Sept 20 (IBNS) : The government on Thursday announced hike in the interest rates on small savings schemes, including National Savings Certificate (NSC) and Public Provident Fund (PPF).
The interest rates for small savings schemes were hiked by up to 0.4 per cent for the October-December quarter, the Ministry of Finance said in a statement. The revised rates would be applicable from October 1, 2018 to December 31, 2018, the government said. At present, interest rates on small savings schemes - which include Kisan Vikas Patra (KVP) and Sukanya Samriddhi - are revised on a quarterly basis.
The announcement said the interest rates on NSC and PPF have been revised to 8 per cent, from 7.6 per cent at present.
The term deposits and recurring deposit accounts will accrue interest rates in the range of 6.9-7.8 per cent, as against 6.6-7.4 per cent earlier.
The interest rate for the Senior Citizens Savings Scheme (SCSS) has been raised 8.3 per cent, from 8.7 per cent.
In Kisan Vikas Patra (KVP), the interest rate and maturity period have been revised. Investment in the KVP scheme will fetch an interest rate of 7.7 per cent over a maturity period of 112 months. At present the KVP accounts earn a return of 7.3 per cent over a term of 118 months.
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