The government has decided to reduce the Public Provident Fund interest rate by 0.01 per cent with effect from April 1.
According to a Finance Ministry statement issued, the post office saving scheme PPF’s interest rate which is currently 8.8 per cent has been slashed down by 0.01 per cent standing at 8.7 per cent with effect from next month.
Post office saving deposit scheme’s interest rate of 4 percent and one year maturity fixed deposit’s interest rate of 8.2 per cent has been kept unaltered.
Also the 5 year maturity Monthly Income Scheme’s (MIS) will earn 8.4 per cent interest rate.
National Savings Certificate (NSC) with maturity of 5 years will earn 8.5 per cent and 10 years will earn 8.8 per cent from April 1.
The revised interest rates from April 1 will be applicable for the fiscal year 2013-2014.