Small savings scheme, PPF rates remain unchanged

New Delhi: The government has decided to keep the interest rates on small savings schemes or post office schemes including Public Provident Fund (PPF), Sukanya Samriddhi Scheme (SSY), Senior Citizens Savings Scheme (SCSS), POMIS, KVP, NSC et. unchanged for the July-September quarter of FY 2020-21.

The Department of Posts made the announcement via a circular dated July 1, 2020.

According to the circular, for the second quarter (July-September) of FY 2020-21, the Public Provident Fund (PPF) will continue to earn 7.1 per cent interest. The Senior Citizens Savings Scheme (SCSS) will continue to earn 7.4 per cent, and post office time deposits will fetch 5.5 per cent to 6.7 per cent interest rate.

The interest rates will be applicable for the period July 1, 2020, to September 30, 2020.

The Sukanya Samrriddhi Scheme will continue to earn 7.6 per cent and Kisan Vikas Patra will offer 6.9 per cent interest and will mature in 124 months.  Among the small savings schemes, Sukanya Samriddhi will fetch the highest interest rate.

The 5-year recurring deposit will fetch 5.8% interest while the Monthly Income Scheme or POMIS will offer 6.6% interest. NSC or National Savings Certificate will fetch 6.8% interest.

 

Asianet.in/Desk: Asianet Online