Government Bank Charges & Interest Rates 2019 The government on Friday reduced the interest rate by 0.1 percent for the July-September quarter on small savings, including the National Savings Certificate (NSC) and the Public Provident Fund (PPF).
The government has taken this step in view of the declining interest rates in the banking sector. The Reserve Bank of India has cut its policy rates a total of 0.75 in three times this year. Except for the interest rate on savings account deposits, the government has reduced the interest rate by 0.1 percent on all other schemes.
Government Bank Charges & Interest Rates 2019
The interest rate on the savings deposit account will remain at four percent per annum. The Finance Ministry has released the revised interest rates notification for the second quarter of the financial year 2019-20. 'Interest rates for small savings schemes are notified on a quarterly basis based on the decision of the government. After this deduction, the annual interest rate on PPF and NSC will now be 7.9 percent, which is now eight percent.
At the same time, farmers will get an interest of 7.6 percent on 113-month maturity Kisan Vikas Patra (KVP). It is now 7.7 percent at 112 months of maturity. Sukanya Samriddhi's account will now get 8.4 percent interest which is currently 8.5 percent. Interest on fixed deposits of one to three years duration will now be 6.9 percent and interest rate of 7.7 percent on five years' duration. For recurring deposits, this interest will be 7.2 percent instead of 7.3 percent. The rate of interest on the Senior Citizen Savings Scheme of five years duration will now be 8.6 percent instead of 8.7 percent.
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| Government Bank Charges & Interest Rates 2019 |
Government Bank Charges & Interest Rates 2019
The interest rate on the savings deposit account will remain at four percent per annum. The Finance Ministry has released the revised interest rates notification for the second quarter of the financial year 2019-20. 'Interest rates for small savings schemes are notified on a quarterly basis based on the decision of the government. After this deduction, the annual interest rate on PPF and NSC will now be 7.9 percent, which is now eight percent.
At the same time, farmers will get an interest of 7.6 percent on 113-month maturity Kisan Vikas Patra (KVP). It is now 7.7 percent at 112 months of maturity. Sukanya Samriddhi's account will now get 8.4 percent interest which is currently 8.5 percent. Interest on fixed deposits of one to three years duration will now be 6.9 percent and interest rate of 7.7 percent on five years' duration. For recurring deposits, this interest will be 7.2 percent instead of 7.3 percent. The rate of interest on the Senior Citizen Savings Scheme of five years duration will now be 8.6 percent instead of 8.7 percent.
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