In the second quarter from July to September of the current financial year, interest rates on small savings schemes like Public Provident Fund (PPF) were kept unchanged. The interest rate on NSC is 7.6 per cent and the annual interest rate on PPF is 8.1 per cent.
The Center said in a statement on Wednesday night that from July 1 to September 30, the previous interest rate will remain in force on all these projects. The interest on the Post Office Savings Account was 4 percent. Deposits for a period of 1-5 years are 5.5% to 7.8%. The interest rate on five-year recurring deposits remained at 5.8%, in the Senior Citizen Savings Scheme at 6.4% and in the monthly income scheme at 7.8%.
Read more, New rules on multiple banks, including SBI, Axis Bank, find out what has changed
On April 1, the Union Finance Ministry tweeted a decision to cut interest rates on small savings by 1.1 percent in the first quarter. Finance Minister Nirmala Sitharaman said the notification was issued “by mistake” before the debate on the central decision erupted in April in the midst of assembly votes in five states.
In the second wave of Corona Atimari, the economy is already in turmoil. Among these, prices of fuels like petrol and diesel and cooking gas, market prices are increasing. In that context, the general public is happy with the decision of the Center.
