• The increase in interest rate will be applicable from January 1.
The central government on Friday said it has hiked interest rates on small deposits including post office fixed deposits, NSC and senior citizens savings scheme. The increase in interest rate will be applicable from January 1.
This is an increase for the second consecutive quarter. This is up to 1.1 percentage points from January 1, in line with the strengthening of interest rates in the economy.
However, the interest rates on Public Provident Fund (PPF) and Girl Child Savings Scheme Sukanya Samriddhi have not been changed.
National Savings Certificate (NSC) will get an interest rate of 7% from January 1, while currently it is 6.8%.
Similarly, the Senior Citizens Savings Scheme will offer 8 per cent interest as against 7.6 per cent at present.
Interest rates on post office fixed deposit schemes of 1 to 5 years will increase by up to 1.1 percent.
Monthly income scheme will also get interest from 6.7 percent to 7.1 percent.
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