The federal government raises the rate of interest on 5-year recurring deposits to six.7% through the first quarter of December

Business Standard

The federal government on Friday raised the rate of interest on the five-year recurring deposit program to six.7 p.c from 6.5 p.c for the December quarter, and maintained rates of interest for all different small financial savings packages.

In line with a Ministry of Finance round, the rate of interest on financial savings deposits was maintained at 4 p.c and on one-year time period deposits at 6.9 p.c.

Charges have been the identical through the September quarter.

The rate of interest on two- and three-year time period deposits is 7 p.c, whereas the rate of interest on five-year time period deposits is 7.5 p.c.

The Senior Residents Financial savings Scheme will fetch an rate of interest of 8.2 p.c.

On the month-to-month revenue calculation system, the rate of interest is 7.4 p.c, whereas it’s 7.7 p.c on the Nationwide Financial savings Certificates and seven.1 p.c on the Public Provident Fund system.

The rate of interest on Kisan Vikas Patra is 7.5 per cent, and the investments will mature in 115 months.

In line with the round, the rate of interest on the lady’s standard ‘Sukanya Samriddhi’ account has been maintained at 8 per cent.

The federal government notifies the rate of interest on small financial savings schemes, primarily run by submit workplaces, each three months.

First revealed: September 29, 2023 | 5:41 pm he

(tags for translation) Rates of interest

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