Interest rates cut on small savings schemes

The Centre announced a cut of 0.1 percentage point in the interest rates on small savings schemes, including Public Provident Fund, Kisan Vikas Patra and Sukanya Samriddhi Accounts, for the period October 1-December 31, 2016.

Details:

The rate on savings deposit remained at 4 per cent. Interest rates for small savings schemes are notified on a quarterly basis.

• The next revision will be for the January-March quarter.
• Under the new rates, the Public Provident Fund will fetch an interest of 8 per cent as opposed to the 8.1 per cent in the quarter ended September 30.
• The Kisan Vikas Patra will see an interest rate of 7.7 per cent, down from the earlier 7.8 per cent.