Interest rate on Public Provident Funds, other small savings schemes hiked by upto 0.4%
New Delhi : The government has raised interest rates on small savings schemes, including NSC and PPF, by up to 0.4 per cent for the October-December quarter, in line with rising deposit rates in the banks.
Interest rates for small savings schemes are notified on a quarterly basis.
The rates of interest on various small savings schemes for the third quarter of financial year 2018-19, starting October 1 and ending on December 31, 2018, has been revised, the Finance Ministry said while notifying the rates.
Interest rate for the five-year term deposit, recurring deposit Senior Citizens Savings Scheme has been raised to 7.8, 7.3 and 8.7 per cent, respectively. The interest on the senior citizens’ scheme is paid quarterly.
However, interest on savings deposits has been retained at 4 per cent, annually.
Public Provident Fund (PPF) and National Savings Certificate (NSC) will fetch annual interest rate of 8 per cent as compared to existing 7.6 per cent, while Kisan Vikas Patra (KVP) will yield 7.7 per cent and mature in 112 months as against 118 months in the previous quarter.
The girl child savings scheme Sukanya Samriddhi account will earn higher interest rate of 8.5 per cent rate, 0.4 per cent more then the current rate.
Term deposits of one-three years will fetch 0.3 per cent higher interest rate.
While announcing the quarterly setting of interest rates in 2016, the finance ministry had said that rates of small savings schemes would be linked to government bond yields. The move is expected to see banks lowering their deposit rates in line with the small savings rate offered by the government.
courtesy : hindustantimes.com
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Stalin claims DMK secured 1.54 crore votes
Chennai (PTI): DMK president M K Stalin on Tuesday, in a veiled reference to the TVK, claimed that the party that won additional constituencies has gained only 17.43 lakh more votes than the DMK.
He was referring to the April 23 Assembly polls where the DMK and its allies secured 74 seats, with the Dravidian party netting 59 constituencies.
In a statement, Stalin said, "the percentage difference in votes between us and them is just 3.52 per cent," in an apparent reference to the Vijay-led Tamilaga Vettri Kahzagam emerged victorious in the polls, the results of which were announced on Monday.
Claiming that the DMK alliance has secured 1.54 crore votes, Stalin said, "I consider each and every one of your votes as an invaluable token of trust".
Stating that DMK has been in power several times, he said "there is no victory we have not seen and there is no defeat we have not faced".
"Whether in victory or defeat, those who regard them equally and continue their journey toward their ideals are the comrades of the party", he said adding "you are the lifeblood and roots of the movement".
"The harvest of 1.54 crore votes is the fruit of your commitment", he said.
"What return can I offer for your hard work? With the feeling of being the chief worker, we will continue our journey," the DMK chief added.
Stalin said "if we are the ruling party, we will formulate schemes for the people. If we are the opposition party, we will fight for the people's demands. In that regard, now as a strong opposition party, we will continue to work for the people".
Asserting that the DMK will continue the journey of taking forward the policies of the century-old great Dravidian movement, protecting race, language, and nation, the DMK leader said "in our journey, I will not leave anyone behind. We will win again".
