1. Government trims small saving interest rate by 20 bps

Government trims small saving interest rate by 20 bps

The government on Wednesday slashed interest rates on small savings schemes.

By: | New Delhi | Published: December 28, 2017 5:01 AM
cash, government, interest rate, Senior Citizens Savings Scheme The interest rate on the senior citizens’ scheme is paid quarterly. (PTI)

The government on Wednesday slashed interest rates on small savings schemes, including NSC and PPF, by 0.2 percentage point for the January-March period from the rates applicable in the previous quarter, a move that will prompt banks to lower deposit rates, reports PTI. At the same time, investments in the five-year Senior Citizens Savings Scheme has been retained at 8.3%.

The interest rate on the senior citizens’ scheme is paid quarterly.

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