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Govt keeps interest rates for PPF, other savings schemes unchanged for Jan-Mar quarter

The government on December 31 kept interest rates of small savings schemes, including that of the Public Provident Fund (PPF), unchanged for the January to March quarter

twitter-logoBusinessToday.In | December 31, 2020 | Updated 17:57 IST
Govt keeps interest rates for PPF, other savings schemes unchanged for Jan-Mar quarter

The government on December 31 kept interest rates of small savings schemes, including that of the Public Provident Fund (PPF), unchanged for the January to March quarter.

The government said in a statement the rates of interests on many small savings schemes for the fourth quarter of 2020-21, starting from January 1 and ending March 31, 2021, shall remain unchanged from those notified for the third quarter (October to December).  

The interest rates on various small savings schemes are as follows:

1) Public Provident Fund (PPF): The long-term savings scheme offers an interest rate of 7.1%. A minimum deposit of Rs 500 per year is required to keep the account active.

2) Senior Citizen Savings Scheme (SCSS): This scheme can give investors an interest rate of 7.4%.

3) Sukanya Samriddhi Yojana (SSY): It will continue to earn an interest rate of 7.6%. A maximum of 2 accounts is allowed for a household for two daughters individually.

4) Post Office Time Deposits: Post office term deposits of 1-3 years give an interest rate of 5.5%. The five-year term deposit gives 6.7%.

5) 5-Year Post Office RD: This recurring deposit scheme offered by post offices will give new investors 5.8% interest rate.

6) National Savings Certificate (NSC): This 5-year scheme offers 6.8 % compounded annually but payable at maturity.

7) The Kisan Vikas Patra (KVP) will now mature or double in value in 124 months (10 years and 4 months) and will fetch an interest rate of 6.9%.

Also read: 'Mutual consensus' between Centre, farmers unions on two issues; check out details

Also read: India's mantra for 2021 -- 'Dawai bhi aur kadaai bhi', says PM Modi

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