Govt raises interest rates on small savings schemes; PPF, NSC to now yield 8%
Updated : September 24, 2018 05:34 PM IST
According to the press release, the interest rates have been raised between 30 to 40 bps (basis points) for the period from October 1 to December 31. Interest rates for small savings schemes are notified on a quarterly basis.
The ministry has kept the rates unchanged at 4 percent for the post office savings account balance for the third quarter of FY18-19, while rates in the Public Provident Fund (PPF) Scheme has also been raised by 40 bps to 8 percent.
Interest rates in the girl child savings scheme Sukanya Samriddhi account has also been raised to 8.5 percent.