Government increases interest rates on small savings schemes

by: Sayantan Barua

Government increases interest rates on small savings schemes

Government increases interest rates on small savings schemes

by: Sayantan Barua

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TW Newsdesk, Sept 30: Following a gap of over two years, the government on September 29, marginally increased the interest rates on some small savings schemes by up to 30 basis points (bps) in line with the hardening interest rates in the economy.

The interest rate for senior citizens savings scheme has been increased to 7.6 per cent from 7.4 percent. Interests for Kisan Vikas Patra increased to 7 percent from 6.9 percent and will mature in 123 months – a month sooner than under the present scheme. The interest rate for monthly income scheme has also been increased to 6.7 percent from the current 6.6 percent.

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