Banking News

Interest rate on small savings schemes slashed


In terms  of Government announcement on February 2016, the interest rate on small savings schemes will be notified on quarterly basis  hereafter, instead of earlier system of announcing for every year. Accordingly the Government h,as announced the interest rates for the following small savings schemes (for the quarter April 2016 to June 2016) wich are as under.
1. PPF: 8.10% (The corresponding rate up to March 31, 2016, is 8.70%)
2. KVP: 7.80% (The corresponding rate up to March 31, 2016, is 8.70%)
3. Post office savings: 4% (same rate for the previous year is retained)
4. Five year NSC: 8.10% (The corresponding rate up to March 31, 2016, is 8.50%)
5. Five year Post office monthly income account: 7.80% (The corresponding rate upto March 31, 2016, is 8.40%)
6. Sukanya Samriddhi Account: 8.60%t (The corresponding rate up to March 31, 2016, is 9.20%)
7. Senior citizen savings scheme of five-year would earn 8.6 0% (The corresponding rate upto March 31, 2016, is 9.30%)
8. Post Office term deposits for one year: 7.10%, for two years: 7.20%, for 3 years: 7.40%, for Five years: 7.90% (The corresponding rate up to March 31, 2016, is 8.50%)
9. Post office Recurring Deposit: 7.40% (The corresponding rate upto March 31, 2016 is 8.40%)

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