Government keeps interest rates on small savings scheme unchanged

NEW DELHI: Government has kept interest rates unchanged for various small savings schemes for the July-October quarter of 2016-17 fiscal. 

The Finance Ministry in a statement today said that interest rate on one-year deposits for July-October quarter of this fiscal has been kept unchanged at 7.1 per cent. 

Similiarly, interest rate on two-year time deposit, three-year time deposit and five-year time deposit were kept at 7.2 per cent, 7.4 per cent and 7.9 per cent, respectively. 

Likewise, interest rate on Public Provident Fund (PPF) scheme, Kisan Vikas Patra scheme and SukanyaSamriddhi Account Scheme were kept at 8.1 per cent, 7.8 per cent and 8.6 per cent respectively, the ministry said. 

In February this year, the Finance Ministry had announced that small savings rate will be set quarterly to align them with market rate of government securities.

Source : http://economictimes.indiatimes.com