Saturday, June 15, 2024
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Govt hikes interest rates

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New Delhi: In a bonanza to millions of small savers, the Union Government on Friday increased interest rates on deposit schemes offered by post offices, like savings account, Monthly Income Scheme and Public Provident Fund.

While post office savings accounts (POSA) will fetch 4 per cent interest, up from 3.5 per cent, the Monthly Income Scheme (MIS) and the Public Provident Fund (PPF) will earn an interest of 8.2 per cent and 8.6 per cent respectively, a government release said.

The new rates will be applicable from the date of notification which will be announced soon. The annual investment ceiling in PPF savings has been increased to Rs one lakh from the present limit of Rs 70,000, but it would be costlier to obtain loans from the savings under as lending rate has been doubled to two per cent. (PTI)

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