Interest rates which are applicable to select small savings schemes have been revised with effect from today i.e. from July 1, 2019. Schemes like, the 15-year Public Provident Fund (PPF), the National Savings Certificate (NSC) and the Kisan Vikas Patra (KVP) will now yield a 10 basis points lower interest rate for the quarter ending September 30, as per an official statement.
However, all small savings schemes except the savings deposit, the interest rate on which has been retained at 4 per cent, will fetch lower interest rates in the September quarter.
Read the comparison of the interest rates applicable to small savings schemes for the quarter ending September 30:
Small Savings Scheme |
Interest Rate (April- June Quarter) |
Interest Rate (July- September) |
|
Savings Account |
4% |
4% |
|
Five-year recurring deposit (RD) account |
7.30% |
7.20% |
|
One-year time deposit (fixed deposit) account |
7% |
6.90% |
|
Two-year time deposit (fixed deposit) account |
7% |
6.90% |
|
Three-year time deposit (fixed deposit) account |
7% |
6.90% |
|
Five-year time deposit (fixed deposit) account |
7.80% |
7.70% |
|
Monthly Income Scheme |
7.70% |
7.60% |
|
Senior Citizen Savings Scheme (SCSS) |
8.70% |
8.60% |
|
15-year Public Provident Fund (PPF) |
8% |
7.90% |
|
National savings certificate (NSC) |
8% |
7.90% |
|
Kisan Vikas Patra (KVP) |
7.70% |
7.60% |
|
Sukanya Samriddhi |
8.50% |
8.40% |
(Source: indiapost.gov.in)
It must be noted that, currently, the interest rates applicable to small savings schemes - savings account, recurring deposit, time deposit, monthly income scheme, senior citizen savings scheme, the 15-year Public Provident Fund (PPF), the National Savings Certificate (NSC), Kisan Vikas Patra (KVP) and the Sukanya Samriddhi scheme are all reviewed by the government on a quarterly basis.
