New Delhi -°C
Today in New Delhi, India

Oct 16, 2019-Wednesday
-°C

Humidity
-

Wind
-

Select city

Metro cities - Delhi, Mumbai, Chennai, Kolkata

Other cities - Noida, Gurgaon, Bengaluru, Hyderabad, Bhopal , Chandigarh , Dehradun, Indore, Jaipur, Lucknow, Patna, Ranchi

Wednesday, Oct 16, 2019

Government cuts interest rates on savings schemes, NSC, PPF by 10 bps

The revised rates will be applicable for the second quarter of FY 2017-18, ie July 1 to September 30.

business Updated: Jun 30, 2017 17:09 IST
HT Correspondent
HT Correspondent
Hindustan Times, New Delhi
The revised rates will be applicable for the second quarter of FY 2017-18, ie July 1 to September 30.
The revised rates will be applicable for the second quarter of FY 2017-18, ie July 1 to September 30.(File photo)
         

The government slashed interest rates on small savings schemes by 10 basis points on Friday.

According to a notification released by finance ministry’s department of economic affairs, interest rates on savings accounts remains unchanged at 4%, while that on deposits for a minimum tenure of one to five years will be 0.1% lower, compounded quarterly.

The 0.1% drop in interest rates also applies on public provident fund scheme and national savings certificate for a five year deposit. Government schemes such as Kisan Vikas Patra and Sukanya Samruddhi Account Scheme will also have the 10 basis points revision in the interest rates.

The revised rates will be applicable for the second quarter of FY 2017-18, ie July 1 to September 30. Here are the revisions:

Hindustantimes

The department of economic affairs’ notification comes after the government decision to notify interest rates on a quarterly basis.

First Published: Jun 30, 2017 16:37 IST

top news