The federal government on Thursday raised charges on some small financial savings schemes by as much as 30 foundation factors (bps) in keeping with the hardening rate of interest within the economic system.
With the revision, a three-year time deposit with put up places of work would earn 5.8 per cent from the prevailing 5.5 per cent, a rise of 30 foundation factors for the third quarter of the present monetary yr.
Senior Citizen Financial savings scheme will earn 20 foundation factors extra to 7.6 per cent from the prevailing price of seven.4 per cent through the October-December interval, a finance ministry notification mentioned.
With regard to Kisan Credit score Card, the federal government has revised each tenure and rates of interest.
The Reserve Financial institution since Could has raised the benchmark lending price by 140 foundation factors, prompting banks to lift rates of interest on deposits as nicely.