Interest rates for Small Savings Schemes from July 2019
The Government of India has announced interest rates for Small Savings Schemes for the period of July – September 2019. It is noteworthy that the interest rates on Small savings have been reduced over the past few years.
The interest rate for Small savings scheme has been lowered by 10 basis points in January – March and April – June Period. For the current period, the interest rate on Sr. Citizen’s Five Years Plan has been reduced to 8.60 percent from 8.70 percent.
The National Savings Certificate (NSC) were stood at 8 percent in the March – June Quarter, which is now 7.90 percent for the period of July – September. Sukanya Samriddhi now comes with an interest rate of 8.40 percent, earlier it was 8.50 percent.
For the 5 years Monthly Income Scheme (MIS), the new interest rate will be 7.60 percent and for 5 years Term Deposit, it comes with 7.70 Percent.
The said above interest rates for Small Savings Scheme will come into effect from July 1, 2019. Interest rates for Small Savings will be changed once in three months. Therefore the currently announced interest rates will end in the month of September 2019.
The interest rate for EPF (Employees Provident Fund) which was 8.65 percent, is expected to continue this year. According to the ministry data, there are over 9 Lakh rupees under the Small Savings Scheme and over 6 Crore Subscribers in the EPF Scheme.
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