Govt keeps interest rates on small savings scheme unchanged

Government has kept interest rates unchanged for various small savings schemes for the July-October quarter of 2016-17 fiscal.

The Finance Ministry in a statement released on June 20 said that interest rate on one-year deposits for July-October quarter of this fiscal has been kept unchanged at 7.1 percent.

Similiarly, interest rate on two-year time deposit, three-year time deposit and five-year time deposit were kept at 7.2 percent, 7.4 percent and 7.9 percent, respectively.

Likewise, interest rate on Public Provident Fund (PPF) scheme, Kisan Vikas Patra scheme and Sukanya Samriddhi Account Scheme were kept at 8.1 percent, 7.8 percent and 8.6 percent respectively, the ministry said.

In February this year, the Finance Ministry had announced that small savings rate will be set quarterly to align them with market rate of government securities.