NEW DELHI: The interest rate of the savings deposit has been brought down to 3.5 from its earlier 4.0 per cent. For the first time, the interest rate on savings deposits has been reduced by 0.5 per cent to 3.5 per cent from the existing 4 per cent annually. The rate of interest of the PPF scheme will be 6.4 per cent annually.
In the last quarter, it was 7.1. This is also the first time since 1974 that the PPF interest has been brought down below 7 per cent. The rate of 1-year time deposit has been reduced to 4.4 per cent from 5.5 per cent. The interest of two-year time deport has been reduced to 5 per cent from 5.5 per cent, three-year time deposit 5.1 per cent from 5.5 per cent, five-year time deposit 5,8 per cent from 6.7 per cent, five-year recurring deposit 5.3 per cent from 5.8 per cent. The interest rate of the senior citizen savings scheme has been revised to 6.5 per cent (quarterly and paid) from its previous 7.4 per cent.
National Savings Certificate interest has been reduced to 5.9 per cent from 6.8 per cent. Here are the details of the changes Instruments Rates of interest from January 1, 2021 to March 31, 2021 New rates of interest (April 1, 2021 to June 30, 2021) Saving deposits 4.0 3.5 1 year time deposit 5.5 4.4 2 year time deposit 5.5 5.0 3 year time deposit 5.5 5.1 5 year time deposit 6.7 5.8 5 year recurring deposit 5.8 5.3 Senior Citizen Saving Scheme 7.4 6.5 Monthly Income Account 6.6 5.7 National Savings Certificate 6.8 5.9 Public Provident Fund Scheme 7.1 6.4 Kisan Vikas Patra 6.9 (will mature in 124 months) 6.2 (will mature in 138 months) Sukanya Samriddhi Account Scheme 7.6 6.9 Sukanya Samriddhi Yojana, a scheme for the girl child, will offer a 6.9 per cent rate while the previous rate was 7.6.
The annual interest rate on Kisan Vikas Patra (KVP) has been reduced by 0.7 point to 6.2 per cent from 6.9 per cent.
