Government hikes interest rate on five-year recurring deposit to 6.7% | Mint
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Business News/ Money / Government hikes interest rate on five-year recurring deposit to 6.7%
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Government hikes interest rate on five-year recurring deposit to 6.7%

Interest rate on savings deposits has been retained at 4%, on one-year term deposit at 6.9%, on two-year and three-year term deposit at 7%, and on the five-year term deposit at 7.5%.

The senior citizens savings scheme will fetch an interest rate of 8.2% during the December quarter, same as the previous quarter. (File Photo: AFP)Premium
The senior citizens savings scheme will fetch an interest rate of 8.2% during the December quarter, same as the previous quarter. (File Photo: AFP)

New Delhi: The Centre on Friday raised interest rate on five-year recurring deposit scheme to 6.7% for the December quarter from 6.5%, but retained the rates for all other small savings schemes.

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

The rates were the same during the September ended quarter.

Meanwhile, the senior citizens savings scheme will fetch an interest rate of 8.2% during the December quarter, same as the previous quarter.

The monthly income account scheme will have an interest rate of 7.4 % while National Savings Certificate will have an interest rate of 7.7%, and the Public Provident Fund (PPF) scheme will have an interest rate of 7.1%.

The interest rate on Kisan Vikas Patra is 7.5% and investments will mature in 115 months. According to the circular, the interest rate on the popular girl child scheme Sukanya Samriddhi Account has been retained at 8%.

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Published: 29 Sep 2023, 06:19 PM IST
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