-
Mar 13, 2013
-
Small savings will fetch less from April 1
Returns on small savings in post office and PPF instruments are set to dip in the new financial year. The Finance Ministry will announce before April 1 the new rates for Post office Saving Schemes, National Savings Schemes (NSC) and Public Provident Fund (PPF).Based on the recommendations of the Shyamala Gopinath panel, the new rates will now be aligned to the rates on government bonds of similar maturities with a spread of 25 basis points (or 0.25 percentage points). But there are two exceptions. The spread on the 10-year NSC and the Senior Citizens Savings Scheme would be 100 basis points.There had been two hikes in interest rates earlier, one effective December 1, 2011, and the other from April 1, 2012.
Source -
http://www.thehindubusinessline.com
|