Interest rate hike for Small savings scheme for Q3FY19

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Savings scheme interest rate

Interest rate hike for Small savings scheme for Q3FY19

 

The Last trading day of this week (21-09-2018), Nifty50 and Sensex tumbled down and finally settled with (-0.81 % Nifty) and (-0.75 % Sensex) respectively. Today afternoon the sensex went down above 1000 points ( 35,993) as compared with the previous close of (37,121) and Nifty50 also down from the high of 11,346 points to the day’s low of 10,866, but finally Nifty50 closed with 11143 points.

DHFL (Deewan Housing) crashed and closed with 42 percent down on the panic news on Default rumours of DHFL bonds. The bond yield is also in the rising rates and presently the 10 year bond yield is trading above the 8 percent.

Yesterday, the Government also announced the small savings interest rate for the period of October – December 2018. The upcoming Q3FY19 interest rates are published with a better rates as compared with the previous quarter (June – September). PPF (Public Provident Fund) and NSC (National Savings Certificate) interest rates hiked to 8 percent and Sukanya Samriddhi account scheme is at 8.5 percent.

Senior Citizen Savings scheme is also earned an attractive rate of 8.7 percent as compared to the previous of 8.3 % interest rate. One year time deposit comes with 6.9 percent, the two years and 5 years deposit rates are 7 and 7.8 percent respectively.

Savings scheme interest rate

Kisan Vikas Patra (KVP) increased from 7.3 to 7.7 percent from the previous quarter and 5 years Recurring Deposit hikes from 6.9 percent to 7.3 percent. Monthly Income scheme had a new rate of 7.7 percent under small savings scheme.

The next monetary policy committee will be on next month and few of the banks already increased their deposit rate on recent inflation statistics.

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