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Govt Slashes Interest Rate on Small Savings Schemes by 20 bps
January 02, 2018
With effect from this Wednesday, the government has cut the interest rates on a variety of small saving schemes including Public Provident Fund (PPF), Kisan Vikas Patra (KVP), National Savings Certificate (NSC), etc. by 0.2%. However, the interest rate on the five-year Senior Citizens Savings Scheme has been left unchanged at 8.3%.
As per the interest rate revision, NSC and PPF will now earn an interest rate of 7.6%, and KVP 7.3%.
Since April 2016, the government has been recalibrating the interest rates on all the small savings schemes on a quarterly basis.
