Author Topic: Post Office interest rates slashed  (Read 695 times)

Baljit NABHA

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Post Office interest rates slashed
« on: March 18, 2016, 09:24:59 PM »



             Post Office interest rates slashed

New Delhi, March 18
In a move that will hit the common man, the government on Friday slashed interest rates payable on small savings, including PPF and Kisan Vikas Patra (KVP), in a bid to align them closer to market rates.

As a part of its February 16 decision to revise interest rates on small savings every quarter, the interest rate on Public Provident Fund (PPF) scheme will be cut to 8.1 per cent for the period April 1 to June 30, from 8.7 per cent, at present.

Similarly, the interest rate on KVP will be cut to 7.8 per cent from 8.7 per cent, according to a Finance Ministry order.

While the interest rate on post office savings has been retained at 4 per cent, the same for term deposits of one to five years has been cut.

The popular five-year National Savings Certificates will earn an interest rate of 8.1 per cent from April 1 as against 8.5 per cent, at present.

A five-year Monthly Income Account will fetch 7.8 per cent as opposed to 8.4 per cent now. Girl-child saving scheme, Sukanya Samriddhi Account will see interest rate of 8.6 per cent as against 9.2 per cent.

Senior citizen savings scheme of five-year would earn 8.6 per cent interest compared with 9.3 per cent.

“On the basis of the decisions of the government, interest rates for small savings schemes are to be notified on quarterly basis,” the order said announcing the rates for the first quarter of fiscal 2016-17.

Post Office term deposits of one, two and three years command an interest rate of 8.4 per cent but from April 1, a 1-year Time Deposit will get 7.1 per cent, 2-year Time Deposit will earn 7.2 per cent and 3-Year Time Deposit will attract interest of 7.4 per cent.

Five-year Time Deposit will fetch 7.9 per cent interest in the first quarter as against 8.5 per cent, while the same on five-year recurring deposit has been slashed to 7.4 per cent from 8.4 per cent.

Baljit NABHA

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Re: Post Office interest rates slashed
« Reply #1 on: March 19, 2016, 07:49:40 AM »

pulkit verma

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Re: Post Office interest rates slashed
« Reply #2 on: March 19, 2016, 04:47:07 PM »
PEHLA HE ISNU CORPORATES DI GOVT. KEHNDE C..MIDDLE CLASS DI SAVING ,FUTURE SECURITY TE INTEREST RATE LESS KAR KE SAB TO WDDA ATTACK HAI....BIG DEFAULTERS TO RECOVERY KARAN VI TAAN KIDAAN OHNA NE ELECTION CAMPAIGN LAYI MILLION OF RUPEES FUNDING JO KITI HAI...TOTALLY DISGUSTING.BANK WALE KHNDE LOK POST OFFICE CH ROI JADA HON KAR KE OTHE INVEST KARAN LAAGE..KOI EHNA NU PUCHE VI OH SARE ACCOUNT HUN THADE KOL VI TAAN KHULDE NE..NALE TUSI POST OFFICE DI RATES KTAN NU KYO KEHNE HO APNE RATES INCREASE KARAN LAYI VI TAAN KEH SAKDE HO..[/color

Baljit NABHA

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Re: Post Office interest rates slashed
« Reply #3 on: June 21, 2016, 02:27:26 PM »

 

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