Must Know! New rate of interest on various small savings schemes

Know the new rate of interest on various small savings schemes for the first quarter of financial year 2016-17.

Zee Media Bureau

New Delhi: In a move that will hit the common man, the government has slashed interest rates payable on small savings including PPF and Kisan Vikas Patra (KVP) in a bid to align them closer to market rates.

As a part of its February 16 decision to revise interest rates on small savings every quarter, the interest rate on Public Provident Fund (PPF) scheme will be cut to 8.1 percent for the period April 1 to June 30, from 8.7 percent, at present.

The new rate of interest on various small savings schemes for the first quarter of financial year 2016-17 shall be as under: