SSY Interest Rate Fixed: On September 29, the government has increased the interest rate on the five-year recurring deposit scheme from 6.5 percent to 6.7 percent for the October-December quarter. However, the rates for all other small savings schemes remained the same.
According to the circular of the Finance Ministry, the interest rate on savings deposits has been maintained at 4 percent and on one-year fixed deposits at 6.9 percent. The rates were similar during the July-September quarter.
How much interest will be given on fixed deposit?
The interest rate on two-year and three-year fixed deposit is 7 percent, while the rate on five-year fixed deposit is 7.5 percent. According to the circular, the interest rate on Senior Citizen Savings Scheme will be 8.2 percent.
Interest rate of the schemes:
The interest rate on Monthly Income Account Scheme is 7.4 percent while it is 7.7 percent on National Savings Certificate and 7.1 percent on Public Provident Fund (PPF) Scheme. The interest rate on Kisan Vikas Patra is 7.5 percent and the investment in it will mature in 115 months.
How much interest will be given on Sukanya Samriddhi Account?
According to the circular, the interest rate on the popular girl child scheme Sukanya Samriddhi Account has been maintained at 8 percent. Let us tell you that every quarter the government notifies the interest rates on small savings schemes mainly operated by post offices.
