Notification issued National Savings Decreases Profit Rates for All Schemes

Notification issued National Savings Decreases Profit Rates for All Schemes

The government had decided to reduce the profit rates for national savings schemes with immediate effect in line with cuts in the benchmark interest rates in a short span of time.

The new rates were applicable from April 24, 2020. The profit is payable on the deposits made in the savings bank accounts where withdrawals are made through other than cheques was fixed at 7 percent per annum. The profit rate on monthly balances maintained in Shuhada’s family welfare account was set at 10.32% per annum.