New Delhi: The government on Friday kept interest rates of public provident fund (PPF) and other small savings schemes unchanged for the first quarter of the financial year 2019, beginning from 1 April, 2019 to 30 June, 2019. Interest rates of small savings schemes are right now changed on a quarterly basis.
“Rates of interest on various small savings schemes for the first quarter of the financial year 2019-20 starting from 1st April, 2019 and ending on 30th June, 2019 will remain unchanged and will continue to be same as notified for the fourth quarter of the financial year 2018-19," the finance ministry said in a tweet.
The interest rate on the public provident fund (PPF) and the 5-year National Savings Certificate remains unchanged at 8 per cent whereas the 5-year Monthly Income Scheme brings 7.7 per cent.
Interest on other small savings schemes such as Senior Citizen Savings Scheme (SCSS) will continue to fetch 8.7 per cent whereas Kisan Vikas Patra (KVP) will fetch 7.7 per cent. The interest on the senior citizens' scheme is paid quarterly. Interest on savings deposits has been retained at 4 per cent yearly.
In the previous quarter, government had hiked the interest rate between 30 bps and 40 bps on various small savings scheme, such as Sukanya Samriddhi Scheme (SSS), Public Provident Fund (PPF), Monthly Income Scheme, Senior Citizen Savings Scheme (SCSS), Public Provident Fund (PPF), Kisan Vikas Patra (KVP) and National Savings Certificate.
Similarly, the interest rates on Sukanya Samriddhi account remain unchanged at 8.5 per cent.
The interest rates on 1, 2 and 3-year post office deposits have been kept unchanged at 7 per cent whereas the 5-year deposit will bring 7.8 per cent. The interest rate on the popular 5-year post office recurring deposit scheme has been kept consistent at 7.3 per cent.