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Govt cuts interest rate on small savings schemes by 0.1 pc (Relevant for GS Prelims & Mains Paper III; Economics)

The government reduced interest rate on small savings schemes, including NSC and PPF, by 0.1 per cent for the July-September quarter.

The move is aimed at matching the softening of interest rates in the banking sector since the RBI cut its benchmark policy rate thrice during the year.

Barring interest on savings deposits, which has been retained at 4 per cent annually, rate on all other schemes has been slashed by 0.1 per cent.

What are the interest rates now?
Public Provident Fund (PPF) and National Savings Certificate (NSC) will fetch annual interest rate of 7.9 per cent from the existing rate of 8 per cent, while Kisan Vikas Patra (KVP) will yield 7.6 per cent with maturity of 113 months.

At present, interest rate on KVP is 7.7 per cent and maturity is 112 months.

The girl child savings scheme Sukanya Samriddhi Account will fetch a lower return of 8.4 per cent from 8.5 per cent.

Term deposits of 1-3 years will fetch interest rate of 6.9 per cent, to be paid quarterly, while the five-year quarterly pegged at 7.7 per cent and for recurring 7.2 per cent from existing rate of 7.3 per cent.

Interest rate for the five-year Senior Citizens Savings Scheme will now fetch a lower rate of interest at 8.6 per cent from 8.7 per cent.

(Source:https://indianexpress.com/article/india/govt-cuts-interest-rate-on-small-savings-schemes-by-0-1-pc-5805657/)



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