RBI reduces interest rate on Senior Citizens Savings Scheme


The Reserve Bank of India (RBI) today notified 0.1 per cent reduction each in the interest rates on Public Provident Fund (PPF) and Senior Citizen Savings Scheme (SCSS) to be effective from fiscal beginning April 1, 2013.

The rate of interest on PPF has been lowered from 8.8 per cent to 8.7 per cent with effect from April 1, 2013, the RBI said in a notification.

The rate of interest on 5 year SCSS has been reduced to 9.2 per cent from 9.3 per cent for entire 2013-14 fiscal, it said.

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