Government hikes rate of interest on five-year recurring deposit to six.7%

New Delhi: The Centre on Friday raised rate of interest on five-year recurring deposit scheme to six.7% for the December quarter from 6.5%, however retained the charges for all different small financial savings schemes.

According to a round from the Department of Economic Affairs, rate of interest on financial savings deposits has been retained at 4%, on one-year time period deposit at 6.9%, on two-year and three-year time period deposit at 7%, and on the five-year time period deposit at 7.5%.

The charges have been the identical in the course of the September ended quarter.

Meanwhile, the senior residents financial savings scheme will fetch an rate of interest of 8.2% in the course of the December quarter, similar because the earlier quarter.

The month-to-month revenue account scheme can have an rate of interest of seven.4 % whereas National Savings Certificate can have an rate of interest of seven.7%, and the Public Provident Fund (PPF) scheme can have an rate of interest of seven.1%.

The rate of interest on Kisan Vikas Patra is 7.5% and investments will mature in 115 months. According to the round, the rate of interest on the favored lady youngster scheme Sukanya Samriddhi Account has been retained at 8%.

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Updated: 29 Sep 2023, 06:19 PM IST