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Friday, June 28, 2019

Small savings schemes interest rates lowered

The government has reduced the interest rates on small savings schemes such as the Senior Citizen Savings Scheme, Public Provident Fund, Kisan Vikas Patra and the Sukanya Samriddhi Yojana, according to a notification issued on Friday.

The rate for the five-year Senior Citizen Savings Scheme has been reduced to 8.6% from 8.7%. The five-year National Savings Certificate rate has also similarly been reduced to 7.9% from 8%. Deposits in the Public Provident Fund will now fetch an interest of 7.9% compounded annually, down from the 8% earlier.

The rate for the Kisan Vikas Patra scheme has been modified to 7.6% which will mature in 113 months, compared with the earlier 7.7% which matured in 112 months. The rate for one, two, and three-year time deposits has been reduced to 6.9% from 7%, compounded quarterly. The rate for five-year time deposits has been reduced to 7.7% from 7.8%.

The Sukanya Samriddhi Yojana would now fetch an interest rate of 8.4% compared with 8.5% earlier.