New Delhi, June 30 (IANS) - The government has reduced the interest rates on small saving schemes, including National Savings Certificates (NSCs), Public Provident Fund (PPF) and Kisan Vikas Patra (KVP), by 10 basis points. Provident Fund (PF) rates have not been reduced. PPF and NSCs will now earn 7.8% interest while KVPs will earn even less (7.5%), a Finance Ministry notification said.
Earlier, PPF, NSC and KVP were offering 7.9%, 7.9% and 7.6%, respectively. Besides, both the Senior Citizen's Savings Scheme and Sukanya Samriddhi Yojana will now offer 8.3% interest. These were earlier offering 8.4%. Interest rates on small savings are revised quarterly. The previous revision happened in March when the rates for all the schemes were reduced by 10 basis points.