Shyamala Gopinath Committee recommendations: Interest rates on FDs offered by Post Offices hiked by 0.2%

March 8, 2014

The Union Government decided to hike interest rates on fixed deposit schemes offered by post offices by up to 0.2 %. The decision to hike interest rates is taken on the recommendations of Shyamala Gopinath Committee.
As per the Shyamala Gopinath Committee’s recommendations

The interest rate on fixed deposits for one and two years has been increased to 8.4% from the present 8.2%.
Fixed deposits of three and five years will earn 0.1% higher rate at 8.4% and 8.5%.
The interest rate on five-year recurring deposits will be 8.4% from 8.3%.
The rate on National Savings Scheme (NSC) with 5 and 10 year maturities also remain unchanged at 8.5 % and 8.8 %.
The rate on five-year Monthly Income Scheme (MIS) remains the same at 8.4 %. The savings deposit rates are kept unchanged at 4 %.
Though, the interest rate on Public Provident fund (PPF) has been kept unchanged at 8.7 %.

The new interest rates on small savings schemes will come into effect from April 1, 2014.

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