Interest Rates On Small Savings, PPF Reduced

Share This Post

The Central Government has announced that starting April 1, 2013, Public Provident Fund (PPF) accounts and small savings schemes will fetch reduced returns owing to a cut in interest rates by 10 basis points each. According to a Finance Ministry statement, the interest rate on PPF will stand reduced from 8.8 percent to 8.7 percent. Likewise, the five-year maturity Monthly Income Scheme (MIS) will earn an interest of 8.4 percent during the 2013-14 financial year.

The only exception has been made in the case of savings deposits schemes and fixed deposits of up to one year run by post offices with their interest rates kept unchanged at 4 percent and 8.2 percent, respectively All other savings schemes falling under the National Small Savings Fund (NSSF) will see a reduction in interest rates by 10 basis points which would be applicable for the entire 2013-14 financial year. For instance, the National Savings Certificates (NSC) having five and 1,0-year maturity periods will now earn interest rates of 8.5 percent and 8.8 percent, respectively, as against 8.6 percent and 8.9 percent hitherto. The interest rate for Senior Citizens Savings Scheme (SCSS) also stands reduced to 9.2 percent from 9.3 percent.

spot_img

Related Posts

Art and Literature of Middle Ages

Art during the Middle Ages was different based on...

Literature of Ancient India: Sanskrit Drama

The origin of Sanskrit drama is in obscurity; there...

The Bhakti Movement of the Medieval Age

The Bhakti Movement, one of the most remarkable features...

Saivism: Origin, Principles and Kinds

The origin of Saivism may be traced to, as...

Sikhism – An Introduction to Sikh Religion

Sikhism had its origin in the teachings of Guru...

The Gandhara Art

The Gandhara Art, justifying its name, is localized to...
- Advertisement -spot_img