Govt. raises profit margin on national savings certificate. The interest margin has increased for almost all certificates. The interest margin on the savings account will remain at 5.5%. New rates will take effect from January 21.
On Thursday the government released the revised rates for the benefit of the National Schemes certificates, according to the notice.
At the new rates, the profit rate on the Defense Savings Certificate has been revised from 8.49% to 9.42%. Similarly, the profit on Regular Income Certificates has increased from 8.04% to 9%.
The announcement also stated that the rate of return on short-term savings certificates also increased. According to the new rate, the profit on 3-month savings certificates increased to 6.76%. The rate of return on 6-month savings certificates increased from 6.80% to 6.82%. The rate of return on the 12month short term savings certificate has increased from 6.80% to 6.92%.
However, the profit margin on the savings account will remain at 5.5%. The notification will come into effect from Jan 21.
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