Many people invest in small savings schemes of the government.
Let’s see the interest rate on the government’s Small Savings Scheme.
Please note that the government may change the interest rate on all these schemes every quarter.
This interest rate is for April-June 2020.
This interest rate may change further.
I will keep updating this post from time to time.
Interest Rates on Small Savings Schemes including PPF (Small Savings Scheme Interest Rate) (April-June 2020)
The Government of India has drastically reduced interest rates on PPF or other small savings schemes.
Note: Apart from PPF and Sukanya Samriddhi accounts This change in interest rate will not affect old accounts.
For example, if you open a post office fixed deposit with an interest rate of 8% per annum, you will only earn 8% per annum over the entire tenure. Changes in interest rates by the government will not affect your deposits.
The difference will affect the deposits you open in the future.
There will be a difference between Public Provident Fund and Sukanya Samriddhi Accounts as you will earn interest on your deposits as per the new interest rate.
Read on, How is interest calculated in PPF?
Read on, Complete information about Sukanya Samriddhi Yojana 2020
Public Provident Fund (PPF Interest Rate): 7.1% p.a
Sukanya Samriddhi Yojana Interest Rate (Sukanya Samriddhi Yojana): 7.6% p.a
Senior Citizens Savings Scheme Interest Rate (Senior Citizen Savings Scheme): 7.4% p.a
Post Office Monthly Income Scheme Interest Rate (Post Office Monthly Income Account): 6.6% p.a.
National Savings Certificate (NSC) Interest Rate: 6.8% pa
Kisan Vikas Patra (KVP) interest rates: 6.9% pa
Post Office Savings Account Interest Rate: 4.0% pa
1 year time deposit interest rate: 5.5% p.a
2 years time deposit interest rate: 5.5% p.a
3 years time deposit interest rate: 5.5% p.a
5 years time deposit interest rate: 6.7% p.a.
5 Year Recurring Deposit Interest Rate: 5.8%
Read on, Complete information about Senior Citizen Savings Scheme
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