Govt slashes small saving schemes interest rates; interest on PPF cut to 8.1% from 8.7%
The government has slashed the interest rate on a bunch of small savings schemes like Public Provident Fund (PPF), Kisan Vikas Patra and Post Office deposits.
Zee Media Bureau
New Delhi: Investors in small saving schemes are in for some disappointment. The government has slashed interest rates on a couple of schemes that investors have been using to build their social security funds or saving a rainy day.
The government has cut the interest rate on Public Provident Fund from 8.7 percent to 8.1 percent.
Interest rate on Kisan Vikas Patra has also been slashed to 7.8 percent from 8.7 percent.
The interest rate on one-year time post office deposit has been cut to 7.1 percent from 8.4 percent
The rate on two-year time post office deposit has also been slashed to 7.2 percent from 8.4 percent.
Interest rate on three -year time post office deposit ha been cut to 7.4 percent from 8.4 percent.
The rate on 5-year time post office deposit is cut to 7.9 percent from 8.5 percent.
The rate cut on 5-year national saving certificates is 8.1 percent.
Interest rtae on 5-year senior citizen scheme interest rate has been slashed to 8.6 percent from 9.3 percent.
Interest rate on girl child scheme has been slashed to to 8.6 percent from 9.2 percent.
The interest rate on postal savings deposits, though, has remain unchanged at 4 percent.