PPF rate of interest will probably be down from 7.1 per cent to six.4 per cent, yearly.
New Delhi:
Rates of interest on small financial savings acquired an enormous lower on Wednesday with the federal government asserting curiosity on financial savings deposit will now be down from 4 per cent to three.5 per cent yearly, whereas Public Provident Fund or PPF will probably be down from 7.1 per cent to six.4 per cent.
From Thursday – the start of the brand new monetary 12 months, Nationwide Financial savings Certificates (NSC) will get an curiosity of 5.9 per cent and the Sukanya Samriddhi Yojana will fetch an rate of interest of 6.9 per cent.
The rate of interest for the five-year Senior Residents Financial savings Scheme, paid quarterly, has been lowered to six.5 per cent. The rate of interest on Kisan Vikas Patra (KVP) has been lower to six.2 per cent.
Govt cuts rates of interest on small financial savings wef from April 1
Financial savings deposit revised from 4% to three.5%,yearly.
PPF charge down from 7.1% to six.4%,yearly.
1 yr time deposit revised from 5.5% to 4.4%,quarterly.
Senior citizen financial savings schemes charge down from 7.4% to six.5%,quarterly&paid pic.twitter.com/x05Hko3vho— ANI (@ANI) March 31, 2021
The rate of interest on submit workplace financial savings deposits has been struck down to three.5 per cent whereas time period deposits of one-to-five years will fetch rate of interest within the vary of 4.4-5.1 per cent, to be paid quarterly and the rate of interest on five-year recurring deposit will probably be 5.8 per cent.
That is the second time the federal government has lower rates of interest on small financial savings schemes previously one 12 months. Within the April-June quarter of 2020-21, the federal government had slashed charges of small financial savings schemes by 70-140 bps (100 bps = 1 per cent).