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Reserve Bank of India’s (RBI) has cut it’s policy rates for April to June quarter recently.
The Public Provident Fund will now have interest @7.1%, after an 80 bps cut in its interest rate. It used to earlier give 7.9% returns to its depositors. The interest rate on National Savings Certificate has been slashed by 110 bps to 6.8%.
The interest rate on Kisan Vikas Patra has been cut by 70 bps to 6.9%, which will mature in 124 months. The interest rate for 5-year Senior Citizens Savings Scheme was slashed by 120 bps to 7.4%, while for savings deposits was kept unchanged at 4% a year. The interest on the senior citizens’ scheme is paid quarterly.
Interest rates for small savings schemes such as PPF and NSC will be unchanged to 7.9% for the fourth quarter of the current financial year. The Sukanya Samriddhi Yojana will offer 7.6% in the April-June 2020 quarter as against 8.4% during the January-March 2020 quarter.
The interest rate on five-year Recurring Deposit Rate is cut to 5.8%. For five year time-deposit, it has been brought down to 6.7% and to 5.5 per cent for 3 years, 2 years and 1 year time deposits. Rates on small savings schemes are revised on quarterly basis.