Current Affairs - Economy - Discussion

The Union Finance Ministry, Government of India reduced the interest rate on small savings schemes by 0.1 per cent (10 basis points) for the July-September quarter.The schemes include Public provident fund (PPF), National Savings Certificate (NSC), Kisan Vikas Patra(KVP), Sukanya Samriddhi Account, Senior Citizens Savings Scheme (SCSS). PPF&NSC: For the July-September quarter, PPF and National Savings Certificate will fetch an annual interest rate of 7.9% as compared to 8% earlier.KVP: Kisan Vikas Patra will yield 7.6 percent with a maturity of 113 months. At present, the interest rate on KVP is 7.7 percent and maturity is 112 months.The girl child savings scheme: Sukanya Samriddhi Account will offer 8.4 percent from 8.5 percent.SCSS: Senior Citizens Savings Scheme will offer 8.6 percent from 8.7percent.