The government on Thursday raised interest rates on some small savings schemes by up to 30 basis points (bps) in line with growing interest in the economy.
With the amendment, a three-year term deposit at the post office will earn 5.8% from the existing 5.5%, an increase of 30 basis points for the third quarter of the current fiscal year.
A Treasury announcement said the Seniors Savings program will earn an extra 20 basis points to 7.6% from the current level of 7.4% in the October-December period. .
For the Kisan Credit Card, the government has revised both the term and the interest rate.
The Reserve Bank has since May raised its benchmark lending rate by 140 basis points, prompting banks to raise deposit rates as well.
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