Interest rates applicable to select small savings schemes have been revised with effect from July 1. Schemes such as the 15-year Public Provident Fund (PPF), the National Savings Certificate (NSC) and the Kisan Vikas Patra (KVP will yield a 10 basis points lower interest rate for the quarter ending September 30, according to an official statement. All small savings schemes except the savings deposit, the interest rate on which has been retained at 4 per cent, will fetch lower interest rates in the September quarter.
Here's a comparison of the interest rates applicable to small savings schemes for the quarter ending September 30:
| Small savings scheme | Interest rate | |
|---|---|---|
| April-June quarter | July-September quarter | |
| Savings account | 4% | 4% |
| Five-year recurring deposit (RD) account | 7.30% | 7.20% |
| One-year time deposit (fixed deposit) account | 7% | 6.90% |
| Two-year time deposit (fixed deposit) account | 7% | 6.90% |
| Three-year time deposit (fixed deposit) account | 7% | 6.90% |
| Five-year time deposit (fixed deposit) account | 7.80% | 7.70% |
| Monthly Income Scheme | 7.70% | 7.60% |
| Senior Citizen Savings Scheme (SCSS) | 8.70% | 8.60% |
| 15-year Public Provident Fund (PPF) | 8% | 7.90% |
| National savings certificate (NSC) | 8% | 7.90% |
| Kisan Vikas Patra (KVP) | 7.70% | 7.60% |
| Sukanya Samriddhi | 8.50% | 8.40% |
| (Source: indiapost.gov.in) | ||
Currently, the interest rates applicable to small savings schemes - savings account, recurring deposit, time deposit, monthly income scheme, senior citizen savings scheme, the 15-year Public Provident Fund (PPF), the National Savings Certificate (NSC), Kisan Vikas Patra (KVP) and the Sukanya Samriddhi scheme - are reviewed by the government on a quarterly basis.
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