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Govt keeps interest rates of PPF and other small saving schemes

Govt keeps interest rates of PPF & other small saving schemes unchanged for third quarter of current fiscal

Government has kept interest rates on the popular Public Provident Fund (PPF) and other small saving schemes unchanged for the third quarter of current fiscal.

A circular issued by the finance ministry said that PPF will continue to earn 7.10%, NSC 6.8%, and Post Office Monthly Income Scheme Account will earn 6.6% interest during the October-December quarter.

The status quo on small savings schemes rates comes as a big relief for savers amid low interest rates provided by banks on fixed deposits.

The rates provided by the government on these schemes are between 100-250 basis points higher than the rates provided by banks on similar deposits.

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