Tuesday, August 30, 2016

Interest rates slashed on Small Savings Schemes

Interest rates on Small Saving Schemes (SSS), recurring deposits of 5 years and Kisan Vikas Patra were cut by 0.25% recently. This cut was implemented by the government and is bound to have an impact on the earnings from small saving schemes for periods of 1 to 3 years. While the interest for SSS was changed, the government left the interest on PPFs, Monthly Income Schemes, Senior Citizens Savings Scheme, NSCs and Sukanya Samriddhi Yojana unchanged. Interest rates on small saving schemes are likely to be revised every quarter henceforth, with current market trends dictating the change in rates.

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