Govt keeps interest rates on small savings scheme unchanged

Image
Press Trust of India New Delhi
Last Updated : Jun 20 2016 | 7:22 PM IST
Government has kept interest rates unchanged for various small savings schemes for the July-October quarter of 2016-17 fiscal.
The Finance Ministry in a statement today said that interest rate on one-year deposits for July-October quarter of this fiscal has been kept unchanged at 7.1 per cent.
Similiarly, interest rate on two-year time deposit, three-year time deposit and five-year time deposit were kept at 7.2 per cent, 7.4 per cent and 7.9 per cent, respectively.
Likewise, interest rate on Public Provident Fund (PPF) scheme, Kisan Vikas Patra scheme and SukanyaSamriddhi Account Scheme were kept at 8.1 per cent, 7.8 per cent and 8.6 per cent respectively, the ministry said.
In February this year, the Finance Ministry had announced that small savings rate will be set quarterly to align them with market rate of government securities.
*Subscribe to Business Standard digital and get complimentary access to The New York Times

Smart Quarterly

₹900

3 Months

₹300/Month

SAVE 25%

Smart Essential

₹2,700

1 Year

₹225/Month

SAVE 46%
*Complimentary New York Times access for the 2nd year will be given after 12 months

Super Saver

₹3,900

2 Years

₹162/Month

Subscribe

Renews automatically, cancel anytime

Here’s what’s included in our digital subscription plans

Exclusive premium stories online

  • Over 30 premium stories daily, handpicked by our editors

Complimentary Access to The New York Times

  • News, Games, Cooking, Audio, Wirecutter & The Athletic

Business Standard Epaper

  • Digital replica of our daily newspaper — with options to read, save, and share

Curated Newsletters

  • Insights on markets, finance, politics, tech, and more delivered to your inbox

Market Analysis & Investment Insights

  • In-depth market analysis & insights with access to The Smart Investor

Archives

  • Repository of articles and publications dating back to 1997

Ad-free Reading

  • Uninterrupted reading experience with no advertisements

Seamless Access Across All Devices

  • Access Business Standard across devices — mobile, tablet, or PC, via web or app

More From This Section

First Published: Jun 20 2016 | 7:22 PM IST

Next Story