Indian govt raises rates on most small savings schemes for April-June qtr

NEW DELHI (Reuters) – The Indian government has increased interest rates on most small savings schemes for the April-June quarter, it said on Friday.

The interest rate on the national savings certificate has been hiked by 70 basis points (bps), the highest for any instrument in this revision.

The interest rate on one-year deposits and the senior citizen savings scheme has been raised by 20 bps each, while the interest rate on two and three-year deposits has been hiked by 10 bps each.

The interest rate on savings deposits will remain unchanged at 4%.

The government reviews and revises interest rates every quarter, and has aligned the increase in deposit rates with higher interest rates.

The new rates will be applicable from April 1.

(Reporting by Shivangi Acharya; Editing by Janane Venkatraman)