March 05, 2014
Kalaivaraikalai
The finance ministry on Tuesday effected a minor raise in interest rates on post office deposits.
Rates on one-and two-year fixed deposits have been hiked from 8.2% to 8.4%,while those on three-year FDs and five-year recurring deposits have been raised 0.1% to 8.4%.Five-year FDs will fetch 8.5% a year.The rates will be applicable from April 1.
The hike is in line with the recent trend in bank deposits,which fetch higher returns than those in POs.
PPF deposits will continue to earn 8.7%,translating into returns of 11.3% on annual basis as the accretion in the account is tax free.
Rates on one-and two-year fixed deposits have been hiked from 8.2% to 8.4%,while those on three-year FDs and five-year recurring deposits have been raised 0.1% to 8.4%.Five-year FDs will fetch 8.5% a year.The rates will be applicable from April 1.
The hike is in line with the recent trend in bank deposits,which fetch higher returns than those in POs.
PPF deposits will continue to earn 8.7%,translating into returns of 11.3% on annual basis as the accretion in the account is tax free.
source.
.bmp)
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