Small savings rates steady till December, 5-year recurring deposit rate raised to 6.7%: FinMin
The interest rate on both the two-year and three-year term deposits is 7 per cent while on the five-year term deposit, the rate is 7.5 per cent.
The government raised the interest rate on five-year recurring deposit scheme to 6.7 per cent from 6.5 per cent for the October-December quarter and retained the rates for all other small savings schemes on Friday, September 29. According to a finance ministry circular, the interest rate on savings deposit has been retained at 4 per cent and on the one-year term deposit at 6.9 per cent. The rates were the same during the July-September quarter.