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Finance Ministry retains interest rates on small savings schemes for Q4

Small savings schemes including the PPF and NSC will continue to offer annual interest rates of 7.1 per cent and 6.8 per cent, respectively, from January to March 2021

twitter-logoBusinessToday.In | December 31, 2020 | Updated 22:51 IST
Finance Ministry retains interest rates on small savings schemes for Q4

The Indian government notified on Thursday that it is continuing with the current interest rates on Public Provident Funds (PPFs) and National Savings Certificate (NSCs), keeping it unchanged for the last quarter of the current fiscal year. 

Small savings schemes including the PPF and NSC will continue to offer annual interest rates of 7.1 per cent and 6.8 per cent, respectively, from January to March 2021.

"The rates of interest on various small savings schemes for the fourth quarter of 2020-21 ending on March 31 shall remain unchanged from those notified for the third quarter (October 1-December 31, 2020)", the Ministry of Finance said in a notification.The Finance Ministry announces the interest rates for small saving schemes on a quarterly basis.

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The five-year Senior Citizens Savings Scheme will offer the same 7.4 per cent interest rate. The interest rate on savings deposits has been retained at 4 per cent, while the rate on Kisan Vikas Patra (KVP) is to stand at 7.6 per cent until the completion of the first quarter of 2021.Sukanya Samriddhi Yojana, which is a scheme pertaining to the girl child, will also continue offering its current 7.6 per cent interest rate in the fourth quarter of FY21.

While the interest rate on the five-year recurring deposit will remain at 5.8 per cent, the term deposits of 1-5 years will carry an annual interest rate in the range of 5.5-6.7 per cent, which is to be paid quarterly.

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