Small savings schemes' interest rates kept unchanged

Interest rates for various small savings schemes have been kept unchanged for the July-October quarter of current fiscal, the government announced on Monday.

A finance ministry statement here said that the interest rate on one-year deposits for the July-October quarter of 2016-17 has been kept unchanged at 7.1 per cent.

Similarly, the interest rates on two-year, three-year and five-year time deposits, have been retained at 7.2 per cent, 7.4 per cent and 7.9 per cent respectively.

Besides, the interest rates on Public Provident Fund (PPF), the Kisan Vikas Patra scheme and the Sukanya Samriddhi Account Scheme were kept at 8.1 per cent, 7.8 per cent and 8.6 per cent respectively, the statement added.

The government had announced in February that small savings rates will be set quarterly to align them with the market rate of government securities.

--IANS

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