NEW DELHI, March 31 (Reuters) - The Indian government
has increased interest rates on most small savings schemes for
the April-June quarter, it said on Friday.
The interest rate on the national savings certificate has
been hiked by 70 basis points (bps), the highest for any
instrument in this revision.
The interest rate on one-year deposits and the senior
citizen savings scheme has been raised by 20 bps each, while the
interest rate on two and three-year deposits has been hiked by
10 bps each.
The interest rate on savings deposits will remain unchanged
at 4%.
The government reviews and revises interest rates every
quarter, and has aligned the increase in deposit rates with
higher interest rates.
The new rates will be applicable from April 1.
(Reporting by Shivangi Acharya; Editing by Janane Venkatraman)
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