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Govt hikes interest rate on small savings

Govt hikes interest rate on small savings
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The government has raised interest rates on small savings schemes, including Public Provident Fund PPF and National Savings Certificate NSC, by up to 04 per cent for the OctoberDecember quarter, in line with rising deposit rates in the banks Interest rates for small savings schemes are notified on a quarterly basis

New Delhi: The government has raised interest rates on small savings schemes, including Public Provident Fund (PPF) and National Savings Certificate (NSC), by up to 0.4 per cent 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 rates of interest on various small savings schemes for the third quarter of financial year 2018-19, starting October 1 and ending on December 31, 2018, has been revised, the Finance Ministry said while notifying the rates.Interest rate for the 5-year term deposit, recurring deposit Senior Citizens Savings Scheme has been raised to 7.8, 7.3 and 8.7 per cent, respectively. The interest on the senior citizens' scheme is paid quarterly.

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