Interest rates on PPF, post office saving schemes hiked
India government on Friday increased interest rates on deposit schemes offered by post offices, like savings account, Monthly Income Scheme and Public Provident Fund.
While post office savings accounts ( POSA) will fetch 4 per cent interest, up from 3.5 per cent, the Monthly Income Scheme (MIS) and the Public Provident Fund (PPF) will earn an interest of 8.2 per cent and 8.6 per cent respectively, a government release said.
The maximum increase is in the one-year fixed deposits-- from 6.25 per cent to 7.7 per cent. The interest rate on other time maturities has been hiked as well. The new rates will be applicable from the date of notification which will be announced soon.
While post office savings accounts ( POSA) will fetch 4 per cent interest, up from 3.5 per cent, the Monthly Income Scheme (MIS) and the Public Provident Fund (PPF) will earn an interest of 8.2 per cent and 8.6 per cent respectively, a government release said.
The maximum increase is in the one-year fixed deposits-- from 6.25 per cent to 7.7 per cent. The interest rate on other time maturities has been hiked as well. The new rates will be applicable from the date of notification which will be announced soon.
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