The government has announced an increase in interest rates on select savings schemes for the July-September quarter. This decision is in line with the high-interest rates in the banking system. The revised rates aim to provide higher returns to investors and encourage savings.
The highest increase of 0.3 percent has been implemented for the five-year recurring deposit (RD). RD holders will now receive 6.5 percent interest during the second quarter of the current fiscal, compared to the previous 6.2 percent.
Interest rates on small savings schemes are notified on a quarterly basis. In the last two quarters, interest rates have been increased, reflecting the upward trend in the benchmark lending rate set by the Reserve Bank of India (RBI).
There is no increase in the interest rate for the Monthly Income Scheme, which will continue to earn 7.4 percent for investors.
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