PPF Interest Rate Falls To 40-Year Low, Other Small Saving Schemes To Fetch Less

The government has lowered interest rates on small saving schemes by 0.1 per cent with effect from April 1, 2017. Following this revision, the popular Public Provident Fund (PPF) will fetch an interest rate of 7.9 per cent, its lowest in nearly 40 years, according to National Savings Institute. The Five-Year National Savings Certificate will also fetch an interest rate of 7.9 per cent. The existing rate for PPF and Five-Year National Savings Certificate is currently 8 per cent. The Sukanya Samriddhi Account Scheme, a small deposit scheme for the girl child, will offer an interest rate of 8.4 per cent annually, from 8.5 per cent at present.

"On the basis of the decision of the government, interest rates for small savings schemes are to be notified on a quarterly basis," the Finance Ministry said while notifying the rates for the fourth quarter of 2016-17 starting from April 1, 2017.

Source: NDTV Profit

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