Interest rates on savings deposit, PPF to be lowered by 0.1 per cent

The Kisan Vikas Patra (KVP) investments will yield 7.5 per cent and mature in 115 months. The one for girl child savings, Sukanya Samriddhi Account Scheme, will offer 8.3 per cent annually, from 8.4 per cent at present.

By: Express Web Desk | New Delhi | Updated: June 30, 2017 6:08 pm

In comparison to the April-June quarter, the government on Friday announced to reduce the interest rate on small saving schemes like PPF, Kisan Vikas Patra and Sukanya Samriddhi by 0.1 per cent for the July-September quarter, a move that would lead bank to deduce the deposit rates. However, the interest on saving deposits has not been changed and it remains at 4 per cent annually. Since April last year, the government on a quarterly basis has recalibrated interest rates of all small saving schemes.

A notification from the finance ministry said investments in the public provident fund (PPF) scheme will fetch lower annual rate of 7.8 per cent. The Kisan Vikas Patra (KVP) investments will yield 7.5 per cent and mature in 115 months. The one for girl child savings, Sukanya Samriddhi Account Scheme, will offer 8.3 per cent annually, from 8.4 per cent at present.

The investment on 5-year Senior Citizens Savings Scheme will yield 8.3 per cent. Intrest rate on the senior citizens scheme is paid quarterly. Term deposits of 1-5 years will fetch a lower 6.8-7.6 per cent however the 5-year recurring deposit has been pegged lower at 7.1 per cent.

The ministry while notifying the rates for second quarter of the financial year 2017-18, said, “On the basis of the decision of the government, interest rates for small savings schemes are to be notified on a quarterly basis.” On announcement of the quarterly setting of interest rates, the ministry said the rates of small saving schemes would be linked to government bond yields.

with inputs from PTI

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  1. 😎
    😎
    Jul 1, 2017 at 8:31 am
    chindi chor ... nya scheme 9.25 se shuru kar k 8.3 par laakar rakh diya hai.. Other schemes mein bhi yehi kar rahe hai. Har raste se earn karne ka sochhte hai.. Aur saara investment apni party ko win karne mein laga rahi hai.. It is like " sabka ghaat apna vikas "!!
    Reply
    1. M
      MIGHTY BOMBER
      Jun 30, 2017 at 9:47 pm
      Why was this news very cleverly removed from headlines so quickly? Has Indian Express decided to ditch ordinary citizen in favour of बचत पर ब्याज घटाओ सरकार।
      Reply
      1. M
        MIGHTY BOMBER
        Jun 30, 2017 at 7:11 pm
        अच्छे दिनों का एक और घोर आलोचनात्मक तोहफा। भारतीय जनता पार्टी की सरकार ने कितनी बार ब्याज दर में इजाफा या वृद्धि की २०१४ के बाद ?आखिर सरकार बचत पर ब्याज लगातार क्यों घटा रही है ?इसका सबसे बड़ा कारण है कि, सरकार जानती है कि भारत की कुल जनसंख्या का बहुत छोटा सा हिस्सा स्माल सेविंग्स स्कीम में निवेश करता है और जब कुछ भी न देकर चुनाव जीते जा सकते हैं तो ब्याज दर बढ़ाने की क्या जरुरत है। साधारण लोग जो भारतीय जनता पार्टी को वोट देते हैं उनको विचार करना चाहिए कि "क्या मिला" भारतीय जनता पार्टी के शासन में। ऐसे साधारण लोग पाएंगे कि उन्हें मीठी बातों के आलावा कुछ नहीं मिला और तब वह वोटर ी मायने में भारतीय जनता पार्टी का भविष्य तय करेंगे। क्या कांग्रेस ने इसके खिलाफ कुछ प्रतिक्रिया दी ? नहीं। क्योंकि कांग्रेस और वर्तमान सरकार में मौन समझौता है ब्याज दर घटाने पर।जब तक भारतीय जनता पार्टी चुनावों में हारेगी नहीं तबतक इसी तरह के निंदनीय तोहफे साधारण जनता को मिलते रहेंगे।
        Reply
        1. L
          l s
          Jun 30, 2017 at 5:39 pm
          Will this Finance Minister kill the retired and old people by his regular lowering of interest rates ?????????????? Elderly have no place to park their saving and run their houses by the interest earned. He is only bothered for the central govt employees.
          Reply
          1. H
            Harish M
            Jun 30, 2017 at 7:47 pm
            Ppl still vote for Modi !!
            Reply