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Breaking News: Government Announces Reduction in Interest Rate on Small Savings Schemes

The interest rate on 1-year term deposits has been reduced from 5.5 per cent to 4.4 per cent and its calculation will be on a quarterly basis.

New interest rates announcements: The government has announced a reduction in the interest rate on small savings schemes from the new financial year i.e. 1st April. The interest rate on saving deposits has been reduced from 4 percent to 3.5 percent and its calculation will be annual. The interest rate on 1-year term deposits has been reduced from 5.5 percent to 4.4 percent and its calculation will be on a quarterly basis. The interest rate on 2-year term deposits has been reduced from 5.5 percent to 5 percent and the same will be calculated on a quarterly basis.

The interest rate on a 3-year term deposit has been reduced from 5.5 percent to 5.1 percent and the interest calculation will be on a quarterly basis. For 5 years, the interest rate has been reduced from 6.7 percent to 5.8 percent and in this also the interest calculation will be on a quarterly basis. The interest rate on recurring deposits for 5 years has been reduced from 5.8 percent to 5.3 percent and the interest calculation will be on a quarterly basis.

Breaking News: Government Announces Reduction in Interest Rate on Small Savings Schemes
This interest rate will be effective from 1 April to 30 June.

The interest rate for Senior Citizen Savings Schemes (SCSS) has been reduced from 7.4 percent to 6.5 percent and the interest calculation will be quarterly and payment will also be made. The interest rate for the monthly income account has been reduced from 6.6 percent to 5.7 percent. The calculation of interest will be monthly and it will be paid.

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