The government has kept interest rates of small savings schemes unchanged for the first quarter of the financial year 2019-20, starting from April 1, 2019 and ending on June 30, 2019 , tweeted Ministry of Finance on its official handle- @FinMinIndia. The rates of interest on saving schemes will continue to be same as notified for the fourth quarter of the financial year 2018-19, it said. Currently, the government revises the interest rates on small savings schemes on a quarterly basis. (Also read: How Senior Citizen Savings Scheme Compares With PPF)
Rates of Interest on various Small Savings Schemes for the First Quarter of the Financial Year 2019-20 starting from 1st April, 2019 & ending on 30th June, 2019 will remain unchanged & will continue to be same as notified for the Fourth Quarter of the Financial Year 2018-19.
Here's a comparison of the interest rate and investment limits applicable to these small savings schemes (including Public Provident Fund):
Small savings scheme Interest rate Minimum amount required for opening account Maximum investment allowed Savings account 4% Rs 20 Five-year recurring deposit account 7.30% Rs 10 per month No limit One-year time deposit (fixed deposit) account 7% Rs 200 No limit Two-year time deposit (fixed deposit) account 7% Rs 200 No limit Three-year time deposit (fixed deposit) account 7% Rs 200 No limit Five-year time deposit (fixed deposit) account 7.80% Rs 200 Monthly income scheme 7.70% Rs 1,500 Rs 4.5 lakh Senior citizen savings scheme (SCSS) 8.70% Rs 1,000 Rs 15 lakh 15-year public provident fund 8% Rs 500 Rs 1.5 lakh per financial year National savings certificate (NSC) 8% Rs 100 No limit Kisan Vikas Patra (KVP) 7.70% Rs 1,000 No limit Sukanya Samriddhi 8.50% Rs 1,000 Rs 1.5 lakh per financial year
The finance ministry had in January this year raised interest rate on 1-year post office time deposits by 10 basis points (bps) for the January-March, 2019 quarter to 7 per cent. In September, government announced an increase of up to 0.4 per cent in interest rates applicable to small savings schemes for the October-December quarter.Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.
