Investment in the nine small savings schemes earns interest at the rate of 4-8.7 per cent.The government has kept interest rates of small savings schemes unchanged for the first quarter of the financial year 2019-20, starting from April 1, 2019 and ending on June 30, 2019 , tweeted Ministry of Finance on its official handle- @FinMinIndia.
The rates of interest on saving schemes will continue to be same as notified for the fourth quarter of the financial year 2018-19, it said.
Currently, the government revises the interest rates on small savings schemes on a quarterly basis.
(How Senior Citizen Savings Scheme Compares With PPF)Small savings schemeInterest rateMinimum amount required for opening accountMaximum investment allowedSavings account4%Rs 20Five-year recurring deposit account7.30%Rs 10 per monthNo limitOne-year time deposit (fixed deposit) account7%Rs 200No limitTwo-year time deposit (fixed deposit) account7%Rs 200No limitThree-year time deposit (fixed deposit) account7%Rs 200No limitFive-year time deposit (fixed deposit) account7.80%Rs 200Monthly income scheme7.70%Rs 1,500Rs 4.5 lakhSenior citizen savings scheme (SCSS)8.70%Rs 1,000Rs 15 lakh15-year public provident fund8%Rs 500Rs 1.5 lakh per financial yearNational savings certificate (NSC)8%Rs 100No limitKisan Vikas Patra (KVP)7.70%Rs 1,000No limitSukanya Samriddhi8.50%Rs 1,000Rs 1.5 lakh per financial yearThe finance ministry had in January this year raised interest rate on 1-year post office time deposits by 10 basis points (bps) for the January-March, 2019 quarter to 7 per cent.
In September, government announced an increase of up to 0.4 per cent in interest rates applicable to small savings schemes for the October-December quarter.Get the latest election news, live updates and election schedule for Lok Sabha Elections 2019 on TheIndianSubcontinent.com/elections.
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