Small savings: Interest down by up to 1.4%!
Posted on: 02/Apr/2020 5:16:55 PM - No. of views : (3347)
The central government has reduced the interest for the quarter April-June in the current financial year by 0.7% to 1.4%.
The interest rate for the small savings is determined every quarter of the year.
With the Reserve Bank of India reducing the REPO interest rate by 0.75%, the interest rate for the small savings has also been reduced drastically in an unprecedented manner!
Accordingly, the interest rate for PPF (Public Provident Fund) is reduced from 7.9% to 7.1% and the national Savings Bonds, it was reduced by 1.1% to 6.8%. For Kisan Vikas Patras, the interest was reduced by 0.7% to 6.9%.
The interest rate for the Senior Citizens� Savings Scheme, with a 5-year maturity period, was 8.6 %. This has been reduced by 1.2% and now is 7.4%. The interest for the �Selavamagal Semippu Thittam� was reduced from 8.4% to 7.6% and for the 5-years recurring Deposit, a maximum of 1.4% was reduced and set at 5.8%.
