New Delhi: The Union government announced the revised interest rates for small saving schemes for the third quarter of this fiscal. The new rates will be effective from October 1.
According to the Finance Ministry, the 5 year recurring deposit will now fetch 6.7% interest rate. It was at 6.5% now. However, there is no change in the interest rates for all other small savings schemes and they will continue to offer the same rate of interest as they did in July to September period.
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The interest rate on small savings instruments such as the National Savings Certificate, Sukanya Samriddhi Account Scheme, Kisan Vikas Patra and Public Provident Fund are revised every quarter in line with the market rate for the 10-year government security, based on a formula devised by a committee led by former Reserve Bank of India Governor Shyamala Gopinath.
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