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Small Saving Scheme Rates Hiked; PPF, NSC To Fetch 8% And SCSS 8.7%
The rates on small-saving schemes in correspondence with the benchmark 10-year bond yield have been increased for the quarter October to December.
According to a circular issued by the Finance Ministry on September 19, the interest rates on various small saving schemes have seen an increase between 30 basis points and 40 basis points.
This is against the earlier two quarter's stance where the govt kept the rate unchanged while for the January-March quarter the rates were reduced.
So, to earn higher interest, fixed-income investors can now opt for these safe investments.
Here are the new rates for the October-December qtr:
| Small Saving scheme | Previous rates July-Sept 2018 | New hiked rates October-Dec 2018 |
|---|---|---|
| Savings deposit | 4% | 4% |
| 1 year Time Deposit | 6.6% | 6.9% |
| 2 year Time Deposit | 6.7% | 7.0% |
| 3 year Time Deposit | 6.9% | 7.2% |
| 5 year Time Deposit | 7.4% | 7.8% |
| 5 year RD | 6.9% | 7.3% |
| 5-yr Senior citizen saving scheme (SCSS) | 8.3% | 8.7% |
| 5-year Monthly Income Scheme (MIS) | 7.3% | 7.7% |
| 5 Year NSC | 7.6% | 8.0% |
| PPF | 7.6% | 8.0% |
| KVP | 7.3% | 7.7% |
| Sukana Samriddhi Account | 8.1% | 8.5% |
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