Interest rate on small savings schemes reduced

The Finance Ministry has cut interest rate on PPF (Public Provident Fund) by 0.1 per cent to 8.7 per cent.

It has also cut the interest rate on five-year NSC (National Savings Certificate) to 8.5 per cent from 8.6 per cent and on 10-year NSC to 8.8 per cent from 8.9 per cent.

The Ministry has cut the interest rate on five-year postal recurring deposits to 8.3 per cent but has kept the savings deposit rate unchanged at 4 per cent.


Source: thehindubusinessline