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PPF, NSC rates cut by 0.1 pc, savings deposits unchanged

PPF, NSC rates cut by 0.1 pc, savings deposits unchanged

Interest rate on five-year postal recurring deposits has also been reduced to 8.3 per cent.

Mumbai: The finance ministry has lowered interest rates on Public Provident Fund (PPF), five-year and 10-year National Savings Certificates (NSC) by 0.1 per cent each, with effect from April 1. Interest rate on PPF has been cut to 8.7 per cent from 8.6 per cent, five-year NSC to 8.5 per cent from 8.6 per cent and that of 10-year NSC to 8.8 per cent from 8.9 per cent.

Interest rate on five-year postal recurring deposits has also been reduced to 8.3 per cent but the finance ministry has kept the savings deposit rate unchanged at 4 per cent.

Based on the decisions taken by the government on the recommendations of the Shyamala Gopinath Committee for Comprehensive Review of National Small Savings Fund (NSSF), the interest rates for small saving schemes are to be notified every financial year, before 1st April of that year.

first published:March 25, 2013, 14:54 IST