Union ministry of finance on Friday hiked interest rates on different small savings schemes by 70 basis points which will be applicable from the next quarter of the financial year starting April 1. The increased rate of interest is applicable on schemes including National Savings Certificate, Kisan Vikas Patra, Monthly Income Savings Scheme and all post office time deposits.
The revised interest rate is not applicable on the Public Provident Fund (PPF) scheme.
Check out new rates of interest:
According to the revised rates, interests for the Senior Citizens Savings Scheme have been raised from 8% to 8.2%. Similarly, for Kisan Vikas Patra it has been hiked from 7% to 7.2%.
The Centre has also increased the interest rate for the monthly income account scheme from 7.1% to 7.4%. Interest rates for one through five-year time deposit, excluding four year term, have also been increased.
