Govt lowers interest rate by 0.1 % on small saving schemes for July-Sep quarter

The government has lowered interest rate on small saving schemes by 0.1 per cent for the July- September quarter. The move will prompt banks to lower deposit rates. The rates of small saving schemes like PPF, Kisan Vikas Patra and Sukanya Samriddhi have been lowered across the board compared to the April-June quarter. 

Since April last year, interest rates of all small saving schemes have been recalibrated on a quarterly basis. According to finance ministry notification, investments in the public provident fund (PPF) scheme will fetch lower annual rate of 7.8 percent. Kisan Vikas Patra (KVP) investments will yield 7.5 per cent and mature in 115 months.
The one for girl child savings, Sukanya Samriddhi Account Scheme, will offer 8.3 percent annually, from 8.4 per cent at present. The investment on 5-year Senior Citizens Savings Scheme will yield 8.3 per cent.

Here are the revisions:

Important Takeaways from above News-

  • KVP can be purchased from any Departmental Post Office.
  • Sukanya Samriddhi Account can be opened up to age of 10 years only from the date of birth.
  • Kisan Vikas Patra (KVP) investments mature in 115 months.

Source- All India Radio (AIR News)


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