The finance ministry has confirmed that the interest rates on small savings schemes will remain unaltered for the period starting 1 April 2018 to 30 June 2018. In effect, the interest rates that were being followed from 1 January 2018 to 31 March 2018 will continue to be in effect for the following three months.
The government modifies the interest rates pertaining to small savings schemes such as Sukanya Samriddhi Yojana, Public Provident Fund (PPF), Senior Citizen Savings Scheme, and National Savings Certificate (NSC) on a quarterly basis. The government has linked small savings schemes interest rates to the benchmark Government Securities (G-Sec) rate from 2016 onwards. It was expected that the interest rates will see a hike following the increase in bond yields over the last few quarters. However, the Economic Affairs Secretary, Subhash Chandra Garg had stated on 26th March that there will not be any increase in the interest rates for the upcoming quarter.
Small savings scheme interest rates in the past
The interest rates on small savings schemes for the last two quarters are as follows:
The interest rates for the upcoming quarter will be the same as that listed above for the quarter 1 January 2018 to 31 March 2018.
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