AMN / NEW DELHI
Government today hiked interest rate of small savings between 30 to 40 basis points for third quarter of current financial year starting from 1st of next month. The interest rate of one to three year time period has been increased by 30 basis points and five year time period by 40 basis points.
According to an official release, the interest rates on five year recurring deposit and senior citizen savings scheme have also been increased by 40 basis points.
Five year national savings certificate and Public Provident Fund scheme will now fetch eight percent interest rates instead of existing 7.6 percent. The interest rate on Kisan Vikas Patra will now be 7.7 percent while Sukanya Samriddhi Account Scheme will have 8.5 percent interest rate annually.