New Delhi, September 30: The Centre has hiked interest rate for senior citizen savings scheme by 20 basis points from 7.4 per cent to 7.6 percent, according to a Finance Ministry notification. Also, the tenure and interest rates of the Kisan Vikas Patra have been hiked.

The interest rate for Kisan Vikas Patra is now 7 per cent for the maturity period of 123 months, compared to the earlier rate of 6.9 per cent for the maturity period of 124 months. RBI Monetary Policy: Reserve Bank of India Hikes Repo Rate by 50 Bps to 5.90%, Inflation Projection Retained at 6.7%.

Similarly after the revision, a three-year time deposit with post offices will now give 5.8 per cent interest compared to 5.5 per cent earlier. However for a two-year time deposit, the rate hike is only 20 basis points from 5.5 per cent to 5.7 per cent.

Interest rates though have not been changed for more popular schemes like Public Provident Fund (where the interest rate is 7.1 per cent), Sukanya Samriddhi Yojana (7.6 per cent), savings deposits (4 per cent) and National Savings Certificates (6.8 per cent). The rates of one-year and five-year time deposits have also been kept unchanged at 5.5 per cent and 6.7 per cent respectively.

(The above story first appeared on LatestLY on Sep 30, 2022 02:44 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).