Increased interest rates on various small savings plans go into effect for the fourth quarter of the current fiscal year.

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Mumbai: The fourth quarter of the current Financial Year sees the implementation of the increased interest rates on a variety of small savings plans. The interest rate on the five-year National Savings Certificate has gone up from 6.8% to 7%. According to the Finance Ministry, the senior citizen savings program’s interest rate raised from 7.6 percent to 8%.

The Monthly Income Account Saving has also gone up, from 6.7% to 7.1%. The Kisan Vikas Patra will now have a 7.2 percent interest rate and mature after 120 months. A one-year small savings deposit now carries an interest rate of 6.6% instead of the previous 5.5%. However, the interest rates for the Public Provident Fund programme, Sukanya Samriddhi Account scheme, and Saving Deposit have remained the same.

Banks across the nation must renew their locker contracts with current locker users by today, according to a directive from the Reserve Bank of India. Proof of eligibility for a renewed locker arrangement must be provided by all current locker depositors. They must put their signature on a renewal contract before the deadline.