Govt hikes interest rates on post office deposits, no change in PPF rate

Mangalore Today News Network

New Delhi, Dec 31, 2022: The government on Friday raised the interest rates on post office term deposits, senior citizen savings scheme and National Savings Certificate (NSC) in line with firming interest rates in the economy, news agency PTI reported.

 

The interest rates on small deposits have been hiked by up to 1.1 percentage points from January 1, according to a finance ministry notification.

However, the interest rates on the Public Provident Fund (PPF) and the girl child savings scheme Sukanya Samriddhi have been retained. The National Savings Certificate (NSC) will yield a 7 per cent interest rate from January 1, compared to the current 6.8 per cent interest rate.

Similarly, the senior citizen savings scheme will yield a 8 per cent interest rate against 7.6 per cent currently. Interest rates on Post office term deposit schemes of duration 1 to 5 years will rise by up to 1.1 percentage points. The monthly income scheme too will yield 7.1 per cent interest, up from 6.7 per cent.

The interest rates have been increased in a row in the second quarter for some schemes.

Courtesy: India Today