IN PICS | Govt Hikes Interest Rate On 5-Year RD, Here Are Interest Rates Of Other Small Savings Schemes

The government on September 29 raised the 5-year recurring deposit scheme's interest rate to 6.7 per cent for the December quarter. Interest rates on other small savings schemes were kept unchanged

Govt Hikes Interest Rate On 5-Year RD, Here Are Interest Rates Of Other Small Savings Schemes Photo Gallery

On Friday, the Ministry of Finance via a circular raised intereat rates on 5 Year Recurring Deposit Scheme​​ from 6.5 per cent to 6.7 per cent. Individuals, guardians for minors and joint account holders (up to 3 adults) can open National Savings Recurring Deposit Accounts. (Image: Getty)

Post Office Savings Accounts interest rate were kept unchanged at 4 per cent. With a minimum opening deposit of Rs 500, it allows single and joint accounts, while minors and guardians can open accounts. There's a requirement to maintain a minimum balance of Rs 500, with interest calculated monthly and credited annually. (Image: Getty)

The National Savings Certificate offers a 7.7 per cent annual interest, compounded annually but paid at maturity. The minimum deposit is Rs. 1000, with no maximum limit, and deposits qualify for deduction under Section 80C of the Income Tax Act. The certificate matures after 5 years. (Image: Getty)

Sukanya Samriddhi Account (SSA) offers 8 per cent interest, with a minimum deposit of Rs 250 and a maximum of Rs 1.5 lakh per year. It's for girls below 10, with one account per child, max two for twins/triplets. The guardian operates it until the girl turns 18, and withdrawals are allowed after that, up to 50 per cent of the previous year's balance, as a lump sum or in installments over five years. (Image: Getty)

Kisan Vikas Patra (KVP) offers a 7.5 per cent annual interest rate, compounding annually, doubling the invested amount in 9 years and 7 months. The minimum deposit is Rs. 1000, with no maximum limit, and the maturity period varies based on government regulations. (Image: Getty)

The Senior Citizens Savings Scheme's interest rate was kept at 8.2 per cent.The Post Office Senior Citizens Savings Scheme is for individuals aged 60 and above, retired civilians (55-60) or defense personnel (50-60) within a month of retirement. It allows individual or joint accounts with a minimum deposit of Rs. 1000, up to a maximum of Rs. 30 lakh. It also provides tax benefits under Section 80C of the Income Tax Act. (Image: Getty)

Post Office term Deposit Account offers an annual interest calculated quarterly, with rates ranging from 6.9 per cent to 7.5 per cent per annum. Deposits start at Rs 1,000 with no maximum limit, and premature closure incurs varying interest rates. (Image: Getty)

Post Office Monthly Income Scheme (MIS) offers 7.4 per cent annual interest, payable monthly. It requires a minimum deposit of Rs. 1000 and allows a maximum investment of Rs. 9 lakh for individuals and Rs. 15 lakh for joint accounts. Interest can be credited to a savings account, but it's taxable for the depositor. (Image: Getty)

The Public Provident Fund (PPF) offers a 7.1 per cent annual interest rate, with a min deposit of Rs. 500 and max of Rs. 1.5 lakh per year. It's open to single adults and guardians for minors, tax-free interest, and allows loans after one year and withdrawals after five years, up to 50 per cent of the balance at the end of the 4th or preceding year, whichever is lower. (Image: Getty)