Interest rates for small savings schemes raised

Also, the tenure and interest rates of the Kisan Vikas Patra have been hiked.

Published: 30th September 2022 03:02 PM  |   Last Updated: 30th September 2022 03:03 PM   |  A+A-

Union Finance Ministry (File photo)

Union Finance Ministry (File photo)

By IANS

NEW DELHI: The Centre has hiked the interest rate for the senior citizen savings scheme by 20 basis points from 7.4 per cent to 7.6 per cent, according to a Finance Ministry notification.

Also, the tenure and interest rates of the Kisan Vikas Patra have been hiked.

The interest rate for Kisan Vikas Patra is now 7 per cent for the maturity period of 123 months, compared to the earlier rate of 6.9 per cent for the maturity period of 124 months.

Similarly after the revision, a three-year time deposit with post offices will now give 5.8 per cent interest compared to 5.5 per cent earlier.

However, for a two-year time deposit, the rate hike is only 20 basis points from 5.5 per cent to 5.7 per cent.

Interest rates though have not been changed for more popular schemes like Public Provident Fund (where the interest rate is 7.1 per cent), Sukanya Samriddhi Yojana (7.6 per cent), savings deposits (4 per cent) and National Savings Certificates (6.8 per cent).

The rates of one-year and five-year time deposits have also been kept unchanged at 5.5 per cent and 6.7 per cent respectively.



Comments

Disclaimer : We respect your thoughts and views! But we need to be judicious while moderating your comments. All the comments will be moderated by the newindianexpress.com editorial. Abstain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks. Try to avoid outside hyperlinks inside the comment. Help us delete comments that do not follow these guidelines.

The views expressed in comments published on newindianexpress.com are those of the comment writers alone. They do not represent the views or opinions of newindianexpress.com or its staff, nor do they represent the views or opinions of The New Indian Express Group, or any entity of, or affiliated with, The New Indian Express Group. newindianexpress.com reserves the right to take any or all comments down at any time.

flipboard facebook twitter whatsapp