New Delhi. The central government has increased the interest rate for small savings schemes, including the National Savings Certificate (NSC) and Public Provident Fund (PPF), by 0.4 per cent for the October-December quarter. The interest rates for small savings schemes are revised on a quarterly basis. In the notification issued by the Finance Minister, the interest rates of various small savings schemes are revised for the third quarter of the financial year 2018-19.
The interest rates of five-year fixed deposits, recurring deposits and senior citizen savings scheme have been increased to 7.8 percent, 7.3 percent and 8.7 percent respectively. However, the interest rate for savings deposits remains at four percent. PPF and NSC will now get an interest of eight percent per annum instead of the current 7.6 percent.
The Kisan Vikas Patra will now get an interest of 7.7 percent and it will mature in 112 weeks. The revised interest rate for Sukanya Samriddhi accounts will be 8.5 percent. The interest rate on fixed deposits of one to three years has been increased by 0.3 percent.