The Finance Ministry has come out with the latest rates of interest on saving schemes for the coming quarter i.e from 01/01/2019 to 31/03/2019. Apart from making some small changes, the government has largely maintained the status quo on the interest rates.
The latest rates are as follows:
|Savings Scheme||Interest Rate (From October-December 2018)||Interest Rate (From January-March 2019)|
|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||7.3||7.3|
|5 Year Senior Citizen Saving Scheme (SCSC)||8.7||8.7|
|5 Year Monthly Income Account||7.7||7.7|
|5 Year National Saving Certificate (NSC)||8.0||8.0|
|Public Provident Fund (PPF)||8.0||8.0|
|Kisan Vikas Patra||7.7 (112 Months)||7.7 (112 Months)|
|Sukanya Samridhi Scheme||8.5||8.5|
As can be seen from the above table, the government has just streamlined the 1 year, 2 year, 3 year, 5 year time deposits at the post office to a single rate i.e. 7 percent. There are no major changes in the rate of interest on other savings schemes as compared to the last quarter. Saving rates are reviewed every quarter by the Ministry of Finance. It is to be noted that in its last review, the government had increased the savings scheme rates in the last quarter i.e from 1/10/2018 to 31/12/2018.