The Government of India has left the interest rates on small savings schemes such as the Public Provident Fund (PPF) and the National Savings Certificate (NSC) unchanged for the July-September quarter.
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A hike in small savings rate was expected in view of a surge in yields on government bonds, to which their returns are linked as per a formula, amid a surge in inflation and increases in key interest rates by the Reserve Bank.
This is the ninth quarter in a row that small savings rates have been held at the same level after rates were reduced in the range of 0.5% to 1.1% on different instruments for the April to June 2020 quarter.
For July to September, the Sukanya Samriddhi scheme will continue to earn 7.6%, the Senior Citizens Saving Scheme will earn 7.4%, PPF 7.1%, Kisan Vikas Patra 6.9%, and NSC 6.8%. Five-year term deposits will fetch 6.7% interest.
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