Interest charges for small savings schemes are notified by the Finance Ministry on a quarterly foundation.
The authorities on Thursday stored the rates of interest on small savings schemes, together with PPF and NSC, unchanged for the January-March quarter amid moderating financial institution deposit charges.
Public Provident Fund (PPF) and National Savings Certificate (NSC) will proceed to hold an annual curiosity rate of seven.1 % and 6.8 %, respectively.
Interest charges for small savings schemes are notified by the Finance Ministry on a quarterly foundation.
“The rates of interest on various small savings schemes for the fourth quarter of 2020-21 ending on March 31 shall remain unchanged from those notified for the third quarter (October 1-December 31, 2020)”, the Finance Ministry mentioned in a notification.
Accordingly, the curiosity rate for the five-year Senior Citizens Savings Scheme has been retained at 7.4 %. The curiosity on the senior residents’ scheme is paid quarterly. Interest rate on savings deposits has been retained at 4 per cent yearly.
The woman little one savings scheme Sukanya Samriddhi Yojana will supply 7.6 % rate in the course of the third quarter of the present fiscal.
The annual curiosity rate on Kisan Vikas Patra (KVP) has been retained at 6.9 %.
Term deposits of 1-5 years will fetch an curiosity rate within the vary of 5.5-6.7 %, to be paid quarterly, whereas the curiosity rate on five-year recurring deposit is pegged at 5.8 per cent.
