Govt keeps interest rates on small savings scheme unchanged

 Government has kept interest rates unchanged for various small savings schemes for the July-October quarter of 2016-17 fiscal.

The Finance Ministry in a statement on Monday said that interest rate on one-year deposits for July-October quarter of this fiscal has been kept unchanged at 7.1%. Similarly, interest rate on two-year time deposit, three-year time deposit and five-year time deposit were kept at 7.2%, 7.4% and 7.9%, respectively.

Likewise, interest rate on Public Provident Fund (PPF) scheme, Kisan Vikas Patra scheme and SukanyaSamriddhi Account Scheme were kept at 8.1%, 7.8% and 8.6% respectively, the ministry said.
In February this year, the Finance Ministry had announced that small savings rate will be set quarterly to align them with market rate of government securities.