Interest rates on post office saving schemes increased
The 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 percent interest, up from 3.5 percent, the Monthly Income Scheme (MIS) and the Public Provident Fund (PPF) will earn an interest of 8.2 percent and 8.6 percent respectively, a government release said on Friday.
The maximum increase is in the one-year fixed deposits-- from 6.25 percent to 7.7 percent. The interest rate on other time maturities has been hiked as well.