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The Union government on Thursday decided to keep interest rates on small savings schemes including NSC and PPF, unchanged for the October-December quarter. Interest rates for small savings schemes, which are notified on a quarterly basis, have been kept unchanged for sixth straight quarter.
Public Provident Fund (PPF) and National Savings Certificate (NSC) will continue to carry an annual interest rate of 7.1% and 6.8%, respectively, in the third quarter as well.
“The rates of interest on various small savings schemes for the third quarter of the financial year 2021-22 starting from 1st October 2021, and ending on December 31, 2021, shall remain unchanged from the current rates applicable for the second quarter (July 1, 2021 to September 30, 2021) of FY 2021-22,” the finance ministry notification said.
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One-year term deposit scheme will continue to earn an interest rate of 5.5% during the third quarter of the current fiscal, while the girl child savings scheme Sukanya Samriddhi Yojana account will earn 7.6%.
The interest rate on the five-year senior citizens’ savings scheme has been retained at 7.4%. The interest on the senior citizens’ scheme is paid quarterly.
The interest rate on savings deposits will continue to be 4% per annum.
Term deposits of one to five years will fetch an interest rate in the range of 5.5-6.7%, to be paid quarterly, while the interest rate on five-year recurring deposits will earn a higher interest of 5.8%.
It may be recalled, on April 1 the government had revoked a rate cut of up to 1.1% for the first quarter on small savings schemes, citing oversight. It was reportedly the steepest cut in decades.
Here’s the full notification
