Interest rates on small savings schemes revised
New Delhi: The Ministry of Finance announced cut in rate of interest on various small savings schemes during the first quarter of the financial year 2021-22. The revised rate of rate of interest will come into effect from the first quarter of the financial year 2021-22.
The rate of interest on Savings deposit for January 1, 2021 to March 31, 2012 was kept at 4%. Following a revision, the rate of interest on savings deposit for April 1, 2021 to June 30, 2021 has been kept at 3.5%.
For Senior citizen savings scheme interest rate has been revised from 7.4% during the period of January 1, 2019 to March 31, 2021. The interest rate for the scheme has been changed to 6.5% from April 1, 2021 to June 30, 2021.
The National Savings Certificate interest rate was reduced from 6.8% to 5.9%.
The interest rate on Sukanya Samridddhi Account Scheme was revised from 7.6% to 6.9%
The Ministry of Finance revised the interest rate under Rule 9(1) of the Government Savings Promotion General Rules, 2018.