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Saving rates largely remain unchanged till March’19

By: Makemymoney

The finance minister has come out with a much-awaited declaration on saving schemes for coming quarter half i.e. 1st.Jan to 31st. March.2019. A sign of relief as apart from making small changes in interest rates of saving scheme no huge noticeable change has been done so far. Interest rates of the following saving schemes are reviewed by the government every quarter. The interest rates are as follows:-

Saving Scheme

Interest Rate (Oct – Dec’18)

Interest Rate (Jan– March’19)

Saving Deposit

4.0

4.0

1-year time deposit

6.9 7.0

2-year time deposit

7.0 7.0

3-year time deposit

7.2

7.0

5-year time deposit

7.8 7.8

5-year Recurring Deposit (RD)

7.3

7.3

5-year senior citizen saving scheme (SCSC)

8.7

8.7

5-year Monthly Income Account (MIS)

7.7

7.7

Public Provident Fund (PPF)

8.0

8.0

Kisan Vikas Patra (KVP)

7.7 (112 Months)

7.7 (112 months)

Sukanya Samridhi Scheme

8.5

8.5

5 National Saving Certificate (NSC) 8.0

8.0

 

Savings are very important for securing our future. One should start doing a small amount of savings from the very beginning of the age. The reason behind saving early is very clear that you get a good amount in return at a very crucial age of life. Long-term savings are always beneficial. One should always choose one long-term saving scheme followed by two small amount saving scheme. This, at the end, will return good and remarkable amount. The government has also start emphasizing on saving schemes, and so they have given good interest rates on each one of them. Also, initially saving is good for those who want to apply for home loan, or planning for higher studies. 

So, it is pretty clear that the government has streamlined the 1year, 2 years, 3 year and 5-year time deposit at the PO to a single interest rate i.e. 7 percent. Other than this there are no major changes in interest rates of other saving schemes. More or less they are similar to last quarter. It is reviewed by the Ministry of Finance after ever quarter.

 

 

 

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