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Rise in interest rates on post office deposits
Posted on: 05/Mar/2014 9:44:09 AM
On Tuesday the Ministry of Finance effected a minor raise in interest rates on post office deposits, while leaving returns on public provident fund unchanged.Rates on one-and two-year fixed deposits have been hiked from 8.2% to 8.4%, while those on three-year FDs and fiveyear recurring deposits have been raised 0.1% to 8.4%. Fiveyear FDs will fetch 8.5% a year. The rates will be applicable from April 1.The hike is in line with the recent trend in bank deposits, which fetch higher returns than those in post offices.PPF deposits will continue to earn 8.7%, translating into returns of 11.3% on an annual basis as the accretion in the account is tax free.
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