Small
investments occupy special importance in personal financial planning.
Confidence in their security and guarantee in the returns on the investments is
the main reason for it. Some investments may be for getting income tax
exemption. Many people like to invest in Public Provident Fund (PPF) and
National Savings Certificates (NSC). Over a period of time, they encourage for
long term savings in future.
However
… from now on, the return gets reduced to some extent. From the next financial
year i.e., from April 1, 2013, there are slight changes in the interest rates
in these schemes. Basing on Shyamala – Gopinath Committee recommendations, the
interest rates on these schemes will be periodically reviewed and changed
according to the changes in the interest rates in the market. The rate of
interest will be announced at the beginning of the financial year.
Details of Changes in Interest Rates from 1st
April, 2013
Scheme
|
Old Interest Rate
(2012-13)
|
New Interest Rate
(2013-14)
|
Savings Account
|
4.0%
|
4.0%
|
1 year Fixed Deposit
|
8.2%
|
8.2%
|
2 years Fixed Deposit
|
8.3%
|
8.2%
|
3 years Fixed Deposit
|
8.4%
|
8.3%
|
5 years Fixed Deposit
|
8.5%
|
8.4%
|
5 years Recurring Deposit
|
8.4%
|
8.3%
|
5 Years Sr. Citizen Savings Scheme
|
9.3%
|
9.2%
|
5 years Monthly Income Scheme
|
8.5%
|
8.4%
|
5 years National Savings Scheme
|
8.6%
|
8.5%
|
10 years National Savings Scheme
|
8.9%
|
8.8%
|
P.P.F
|
8.8%
|
8.7%
|
This is a really good and helpful post for me.I am looking for the best fixed deposit rates and your post surely give me very good guidance.Thank you so much.
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