Union Ministry of Finance has notified that interest rates for small savings schemes would be revised every quarter of the financial year.
Accordingly, the rates for January-March, 2018 have been notified in the last week of December 2017, and the same were cut for most of small savings schemes barring Senior Citizens Savings Scheme (SCSS), said PersonalFinanceplan report.
According to the report, the revision in interest rates does not affect old investments except for PPF and SSY.
It may be noted that changes in interest rates after opening the deposit does not affect rate of interest in the Senior Citizens Savings Scheme, but fresh investment will earn the interest as notified for the quarter.
Therefore, existing SCSS and time deposits will continue to earn the same rate of interest as contracted at time of opening such deposits.
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