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Government raises interest rate on five-year recurring deposit scheme to 6.7 pc for December quarter

In a significant development, the government on Friday, retained the rates for all other small savings schemes while raising the interest rate on five-year recurring deposit schemes to 6.7 per cent.

Bhagya Luxmi Edited By: Bhagya Luxmi @bhagya_luxmi New Delhi Updated on: September 29, 2023 18:18 IST
Interest rate on the five-year recurring deposit scheme
Image Source : PIXABAY Interest rate on the five-year recurring deposit scheme rose to 6.7 per cent from 6.5 per cent for the December quarter.

The government on Friday raised the interest rate on the five-year recurring deposit scheme to 6.7 per cent from 6.5 per cent for the December quarter. With this, the government retained the rates for all other small savings schemes. The interest rate on savings deposits has been retained at 4 per cent and on the one-year term deposit at 6.9 per cent, according to a finance ministry circular.

The rates were the same during the September quarter. The interest rate on both the two-year and three-year term deposits is 7 per cent while on the five-year term deposit, the rate is 7.5 per cent.

Senior citizens savings scheme will fetch an interest rate of 8.2 per cent. On the monthly income account scheme, the interest rate is 7.4 per cent while it is 7.7 per cent on the National Savings Certificate and 7.1 per cent on the Public Provident Fund (PPF) scheme.

The interest rate on the Kisan Vikas Patra is 7.5 per cent and the investments will mature in 115 months.

As per the circular, the interest rate on the popular girl child scheme Sukanya Samriddhi Account has been retained at 8 per cent. The government notifies the interest rate on small savings schemes, majorly operated by post offices, every quarter.

(with inputs from PTI)

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