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Interest rates on small savings schemes hiked by up to 0.5%

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Press Trust of India New Delhi
Last Updated : Jan 20 2013 | 3:11 AM IST

The government today raised interest rates on post office-operated small savings like Monthly Income Scheme (MIS) and Public Provident Fund (PPF) by up to 0.5%, making them more attractive to investors.

Interest rates on time deposits of one and two years have been increased by 0.5% each to 8.2% and 8.3% respectively, while rates for popular MIS has been hiked by 0.3% to 8.5%, an official release said.

Interest rate on PPF has been increased by 0.2% to 8.8%.

The new rates will be effective from April 1, 2012 and will remain valid during 2012-13.

There has been no change in the savings deposit rate which has been retained at 4%.

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First Published: Mar 26 2012 | 7:06 PM IST

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