30 September 2017

Government Keeps Interest Rates Unchanged on Small Savings Schemes

Government Keeps Interest Rates Unchanged on Small Savings Schemes


Ahead of monetary policy review, the government has kept unchanged the interest rates on small savings schemes like PPF, Kisan Vikas Patra and Sukanya Samriddhi for October-December quarter. Investments in the Public Provident Fund (PPF) scheme will fetch annual rate of 7.8 percent while Kisan Vikas Patra (KVP) investments will yield 7.5 percent and mature in 115 months.

The one for girl child savings, Sukanya Samriddhi Account Scheme will offer 8.3 percent annually. Similarly, the investment on 5-year Senior Citizens Savings Scheme will yield 8.3 percent. The interest rate on the senior citizens scheme is paid quarterly.

Must Important Takeaways from above News:
  • Sukanya Samriddhi Account can be opened up to age of 10 years only from the date of birth. 
  • The normal Premature closure will be allowed after completion of 18 years provided that girl is married under the Sukanya Samriddhi Account Scheme.
  • Senior Citizen Savings Scheme (SCSS) Account- An individual of the Age of 60 years or more may open the account.
  • National Savings Certificates (NSC) Scheme specially designed for Government employees, Businessmen and other salaried classes who are Income Tax assesses.
Source- Business Standard

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