Central Govt hikes interest rates on Small Savings Schemes
ONI Bureau: On the basis of the decision of the Government of India, the interest rates for Small Savings Schemes are to be notified on Quarterly Basis with the approval of the Union Finance Minister.
Accordingly, the Rates of Interest on various Small Savings Schemes for the Third Quarter of the Current Financial Year 2018-19 starting 1stOctober, 2018, and ending on 31st December, 2018 have been announced.
Small Savings Rates Details
* PPF interest rate has been hiked to 8% from 7.6%
* Interest rate on Sukanya Samriddhi Account hiked to 8.5% from 8.1%
* Senior Citizen Savings Scheme interest hiked to 8.7% from 8.3%
* Interest rate on Kisan Vikas Patra hiked to 7.7% from 7.3%
* Inteest rate on National Savings Certificate (NSC) hiked to 8% from 7.6%
* Interest rate on Post Office Monthly Income Scheme hiked to 7.7% from 7.3%
* Interest rate on Post Office RD scheme hiked to 7.3%, from 6.9% (5-year-term), to 7% from 6.7% (3-year-term) and to 6.9% from 6.6% (1-year-term).