Small savings to get 0.1% lesser in 2013-14
Posted on: 26/Mar/2013 10:37:49 AM
Small savers across the country will get 0.1% lesser interest on their deposits for the coming financial year 2013-14. The interest rates on small savings are revised w.e.f. 1st April every year depending on the returns on government securities.
Postal deposit and one-year depositors will get 4% and 8.2% interest as before, but other schemes will get a 10 basis point reduction (0.1%). Public Provident Fund (PPF) investors will now receive 8.7% instead of 8.8%. The PPF’s interest and principal are exempted from income tax and one can invest upto Rs. 1 lakh in it.
The National Savings Certificate (NSC) is also a victim. Whereas the 5-year scheme will get 8.5% instead of 8.6%, the 10-year scheme will get 8.8% instead of 8.9%.
