Interest rates on small savings scheme cut; here are the new rates
Right from provident fund to savings deposits, the ministry of finance has brought down interest rates on small savings scheme for Q2FY18.
Key Highlights:
- Ministry of Finance reduces interest rates for small savings scheme
- Rates on public provident fund scheme at 7.8% in Q2FY18
- Rates on Kisan Vikas Patra has reduced to 7.5%
Ministry of Finance on Friday reduced interest rates for different small savings schemes for the second quarter of the financial year 2017-18 (Q2FY18) effective from July 01.
Rates on public provident fund scheme has been decided at 7.8% for July - September 2017 period - down from 7.9% rates in the preceding quarter (April - June 2017 period).
Similar interest rates are for year national savings certificate.
At the same time, interest rates for Kisan Vikas Patra has reduced to 7.5% with maturity period of 115 months in Q2FY18 compared to 7.6% with maturity of 113 months in Q1FY18.
Interest rates on savings deposits have been kept unchanged at 4% annually, however rates are reduced for different tenure period on quarterly basis.
Here's the list of interest rates that will be charged from July 01 on small savings scheme.
"On the basis of the decision of the Government, interest rates for small savings schemes are to be notified on quarterly basis," said the ministry.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
Retirement Planning: SIP+SWP combination; Rs 15,000 monthly SIP for 25 years and then Rs 1,52,000 monthly income for 30 years
Top Gold ETF vs Top Large Cap Mutual Fund 10-year Return Calculator: Which has given higher return on Rs 11 lakh investment; see calculations
Retirement Calculator: 40 years of age, Rs 50,000 monthly expenses; what should be retirement corpus and monthly investment
SBI 444-day FD vs Union Bank of India 333-day FD: Know maturity amount on Rs 4 lakh and Rs 8 lakh investments for general and senior citizens
EPF vs SIP vs PPF Calculator: Rs 12,000 monthly investment for 30 years; which can create highest retirement corpus
Home loan EMI vs Mutual Fund SIP Calculator: Rs 70 lakh home loan EMI for 20 years or SIP equal to EMI for 10 years; which can be easier route to buy home; know maths
04:40 PM IST