PPF, KVP, Post Office, Senior citizen savings, Sukanya Samriddhi Interest Rate
Interest rate on Public Provident Fund (#PPF) scheme will be cut to 8.1 per cent for the period April 1 to June 30, from 8.7 per cent, at present.
Interest rate on #KVP will be cut to 7.8 per cent from 8.7 per cent, according to a Finance Ministry order.
Interest rate on Post Office savings has been retained at 4 per cent, the same for term deposits of one to five years has been cut.
Five-year National Savings Certificates will earn an interest rate of 8.1 per cent from April 1 as against 8.5 per cent, at present.
Kisan Vikas Patra or #KVP that currently provides for doubling of principal in 100 months (8 years and 4 months) will now be doubled in 110 months (9 years and 2 months) after the interest rate revision.
A five-year Monthly Income Account will fetch 7.8 per cent as opposed to 8.4 per cent now. Girl-child saving scheme, Sukanya Samriddhi Account will see interest rate of 8.6 per cent as against 9.2 per cent.
Senior citizen savings scheme of five-year would earn 8.6 per cent interest compared with 9.3 per cent.
Post Office term deposits of one, two and three years command an interest rate of 8.4 per cent but from April 1, a 1-year time deposit will get 7.1 per cent, 2-year time deposit will earn 7.2 per cent and 3-Year time deposit will attract interest of 7.4 per cent. Five-year time deposit will fetch 7.9 per cent interest in the first quarter as against 8.5 per cent while the same on five-year recurring deposit has been slashed to 7.4 per cent from 8.4 per cent.
