Interest rates of small savings schemes raised
Interest rates on time deposits of various maturities have been raised by 10 to 20 basis points.
The Union government has raised the interest rates on select fixed deposit schemes offered by post offices.
Interest rates on time deposits of various maturities have been raised by 10 to 20 basis points.
The
rate hike comes just ahead of the Lok Sabha poll announcement by the
Election Commission. The rate hike will come into effect from April 1,
2014.
The interest rates on the five-year senior
citizens savings scheme, the five-year monthly income scheme, five-year
and 10-year National Savings Certificates and Public Provident Funds
have been kept unchanged.
A communiqué from the Ministry of Finance has stated that necessary notifications will be issued separately in due course.
The
rate hike decision is in line with the recommendations of the Shyamala
Gopinath Committee for Comprehensive Review of National Savings Fund
(NSSF).
