Government Leaves Interest Rate On Small-Saving Schemes Unchanged

PC- The Hindu

The Finance Ministry has decided to keep the interest rate unchanged on small savings schemes for the three-month period beginning April 1. The announcement covers small-saving schemes such as the Post Office Saving Accounts, Post Office Time Deposits, the National Saving Certificates (NSC), the Public Provident Fund (PPF), the Kisan Vikas Patra (KVP) and Sukanya Samriddhi.

The unchanged interest rate means the NSC (5 years) and the PPF (15 years) will fetch 8% interest, while money deposited in KVP will double in little over nine years. At the same time, if one is parking money in a fixed deposit with a maturity of five years with the State Bank of India, he/she will get 6.85%. Senior citizens will get half a percent more: 7.35%.

Source- The Hindu Business Line

Static/Current Takeaways Important For LIC AAO Mains Exam:

  • Based on the recommendations of the Shyamala Gopinath panel, interest rates on these schemes are reviewed before the end of every quarter, and accordingly, new rates are announced for the next quarter.

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