The government has again slashed interest rates on small savings schemes such as PPF, NSC and Kisan Vikas Patra by 20 basis points. This has been done for the January to March 2018 quarter, which may again prompt banks to lower deposit rates, giving a further jolt to investors. For instance, interest on PPF has been lowered to 7.6 per cent from 7.8 per cent earlier, while KVP will yield 7.3 per cent now as against 7.5 per cent earlier. Thankfully, interest rates on savings deposits and 5-year Senior Citizen Savings Scheme have been left unchanged, but that is only a small relief for small investors as well as senior citizens.
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