Current Affairs Government Schemes

Category : Government Schemes

The government has raised interest rates on Small Savings Schemes (SSS), including National Savings Certificate (NSC) and Public Provident Fund (PPF) by up to 0.4% for the October-December quarter, in line with rising deposit rates in the banks. Interest rates for small savings schemes are notified on a quarterly basis.

The interest rate for the different deposits and schemes are as follows:  Sl. No. Instrument Rate of interest (01.07.2018 to 30.09.2018) Rate of interest (01.10.2018 to 31.12.2018) Compounding frequency 1. Savings Deposit 4.0 4.0 Annually 2. 1 Year Time Deposit 6.6 6.9 Quarterly 3. 2 Year Time Deposit 6.7 7.0 Quarterly 4. 3 Year Time Deposit 6.9 7.2 Quarterly 5. 5 Year Time Deposit 7.4 7.8 Quarterly 6. 5 Year Recurring Deposit 6.9 7.3 Quarterly 7. 5 Year Senior Citizen Savings Scheme 8.3 8.7 Quarterly and paid 8. 5 Year Monthly Income Account 7.3 7.7 Monthly and paid 9. 5 Year National Savings Certificate 7.6 8.0 Annually 10. Public Provident Fund Scheme 7.6 8.0 Annually 11. Kisan Vikas Patra 7.3 (will mature in 118 months) 7.7 (will mature in 112 months) Annually 12. Sukanya Samriddhi Account Scheme 8.1 8.5 Annually

Source- The Hindu Business Lines