Interest rates on small saving schemes such as National Savings Certificate and Public Provident Fund will remain unchanged for the April-June quarter, according to a government notification reported by The Economic Times.
Interest rates on small savings schemes are reset before each quarter and depend on government bond yields in the previous quarter.
The government had raised interest rate on 1-year post office time deposits by 10 basis points (bps) for the January-March, 2019 quarter to 7% while keeping that on others unchanged.
The government had last raised interest rates PPF, NSC and other schemes by upto 40 bps for the October-December quarter and these continue to be in effect.
Interest rate on Sukanya Samridhi Yojana, the scheme for the girl child, was raised to 8.5% from 8.1%. The rate PPF was increased to 8% for the third quarter from 7.6%. Interest on the five-year National Savings Certificate will be 8% compared with 7.6% previously.
Interest rate on Kisan Vikas Patra was increased to 7.7% as against 7.3% earlier.
The interest rates on five-year time deposits, five-year recurring deposits and the five-year Senior Citizens Savings Scheme were raised to 7.8%, 7.3% and 8.7%, respectively for October-December quarter and continue to prevail.