Centre Hikes Interest Rate To 6.7% On The Five Year Recurring Deposit
Delhi/Hyderabad, Sept 30 (Maxim News): The Central government raised the interest rate on the five-year recurring deposit scheme to 6.7 percent from 6.5 percent for the December quarter and retained the rates for all other small savings schemes.
The rates were the same during the September quarter. The interest rate on both the two-year and three-year term deposits is 7 percent while on the five-year term deposit, the rate is 7.5 percent. Senior citizens’ savings scheme will fetch an interest rate of 8.2 percent.
On the monthly income account scheme, the interest rate is 7.4 percent while it is 7.7 percent on the National Savings Certificate and 7.1 percent on the Public Provident Fund (PPF) scheme.
The interest rate on the Kisan Vikas Patra is 7.5 percent and the investments will mature in 115 months.
As per the circular, the interest rate on the popular girl child scheme Sukanya Samriddhi Account has been retained at 8 percent. The government notifies the interest rate on small savings schemes, majorly operated by post offices, every quarter.
According to a finance ministry circular, the interest rate on savings deposits has been retained at 4 percent and on the one-year term deposit at 6.9 percent. (Maxim News)
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