Government on Friday hiked interest rates on deposits under the public provident fund (PPF) scheme to 8.6 percent from 8 percent and maximum deposit limit in a PPF account has been raised to Rs.1 lakh in a financial year from the earlier Rs.70,000.
Following decisions also have been taken:-
1. Interest rates on post office savings deposits hiked to 4 percent from 3.5 percent.
2. Kisan Vikas Patras discontinued.
3. Maturity period of National Savings Scheme cut to 5 years from 6 years.
4. A new NSC instrument, with maturity period of 10 years, would be introduced.
5. Interest on loans obtained from PPF will be increased to 2% p.a. from existing 1% p.a.
FOR FURTHER DETAIL, CHECK FOLLOWING LINK FOR OFFICE MEMORANDUM ISSUED BY MINISTRY OF FINANCE IN RESPECT OF ABOVE
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