Govt keeps interest rates for PPF, NSC and other small savings schemes unchanged for Jan-Mar quarter 2021; check details here
New Delhi | Jagran Business Desk: With the Indian economy showing signs of recovery from the dreadful impacts of the COVID-19 pandemic, the central government on Thursday announced that interest rates on public provident fund (PPF), national saving certificate (NSC) and other small savings schemes will stay unchanged for the January-March quarter of 2021.
The Ministry of Finance notifies interest rates for small savings schemes on a quarterly basis.
"The rates of interest on various small savings schemes for the fourth quarter of 2020-21 ending on March 31 shall remain unchanged from those notified for the third quarter (October 1-December 31, 2020)," the Ministry of Finance said in a statement, as reported by news agency PTI.
Currently, interest rate on PPF and NSC stand at 7.1 per cent and 6.8 per cent respectively. Accordingly, the Ministry of Finance has kept interest rate for Sukanya Samriddhi Yojana, girl child savings scheme, at 7.6 per cent rate.
Meanwhile, the interest rate for the five-year Senior Citizens Savings Scheme, which is paid quarterly, has been retained at 7.4 per cent. The annual interest rate on Kisan Vikas Patra (KVP) and savings deposits has been retained at 6.9 per cent and 4 per cent respectively.
Term deposits of 1-5 years will fetch an interest rate in the range of 5.5-6.7 per cent which will be paid quarterly, said the central government while adding that the interest rate on five-year recurring deposit is pegged at 5.8 per cent.
The interest rate for Post Office Time deposits of one to three years will remain unchanged at 5.5 per cent while that of five-year term deposit will stay at 6.7 per cent, the government has said.
The central government has also said that interest rate on five-year Post Office recurring deposit scheme for investors will stay at 5.8 per cent for January to March quarater 2021.
Posted By: Aalok Sensharma