Depositors of various Small Savings Schemes are earning less than they were in the past. The interest rates of these schemes have decreased significantly in the last five years. Here’s a look at how the interest rates have changed since 2018.
Post Office Time Deposit
The interest rate on Post Office Time Deposits, or Fixed Deposits, was 7.4% in September 2018. It increased to 7.8% in June 2019 but started falling since then. The current interest rate offered on Post Office Time Deposit scheme is 6.7%.
Post Office Recurring Deposit
The interest rate on Post Office Recurring Deposits was 6.9% in September 2018. It increased to 7.3% in June 2019 but started falling since then. The current interest rate offered on the Post Office Recurring Deposit scheme is 5.8%.
5-year Senior Citizen Savings Scheme (SCSS)
The interest rate on the SCSS deposits was 8.3% in September 2018. It increased to 8.7% in June 2019 but started falling since then. The current interest rate offered on the SCSS scheme is 7.6%.
5-year National Savings Certificate (NSC)
The interest rate on NSC deposits was 7.6% in September 2018. It increased to 8% in June 2019 but started falling since then. The current interest rate offered by NSC scheme is 6.8%.
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Public Provident Fund (PPF)
The interest rate on the PPF deposits was 7.4% in September 2018. It increased to 8% in June 2019 but started falling since then. The current interest rate offered by the PPF scheme is 7.1%.
Kisan Vikas Patra (KVP)
The interest rate on KVP deposits was 7.3% in September 2018. It increased to 7.7% in June 2019 but started falling since then. The current interest rate offered on the KVP scheme is 7%.