The government on Tuesday cut interest rates on select small savings schemes by 80-140 basis points (0.8-1.4 percentage point). With effect from April 1, the interest rates on all but one small savings scheme stand reduced, according to a Department of Economic Affairs statement. Currently, the Ministry of Finance offers nine types of small saving schemes, including Public Provident Fund (PPF), Kisan Vikas Patra and Sukanya Samriddhi. Interest rates on these schemes are reviewed every quarter. and Senior Citizen Savings Scheme (SCSS). (Also read: This Is The Minimum Investment You Need To Set Up A Post Office Account)
Here are the interest rates applicable to small savings schemes such as PPF for the first quarter (April-June) of the current financial year (2020-21):
Some of these post office saving schemes qualify for income tax benefits.