Govt hikes interest rates on recurring deposit schemes

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Govt hikes interest rates on recurring deposit schemes

On Friday, the government increased the interest rate on five-year recurring deposit scheme by 20 basis points for the October-December quarter. The interest has been hiked from six percent to six percent. Small savings tools will all offer the same interest rates.

The revised rates were notified by the Department of Economic Affairs of the Ministry of Finance on September 29.