
The upper limit on PPF investment has also been increased to Rs.1 lakh per year from the present Rs.70,000/- annual investment ceiling.
The proposals accepted are:
Interest on Savings Bank Deposit to be raised to 4% from the current rate of 3.5%
Interest on 5 Year Time Deposit to be raised to 8.3% from the current rate of 7.5%
Interest on 5 Year MIS to be raised 8.2% from the current rate of 8%
Interest on PPF to be raised to 8.6% from the current rate of 8%
Interest on 5 year NSC to be raised to 8.4% from the current rate of 8%
Maturity for Monthly Income Scheme and National Savings Certificate to be cut to 5 years from the present 6 years.
Payment of 5% bonus on MIS maturity to be discontinued
Interest on loans form PPF raised to 2% per annum from the present 1%
New National Savings Certificate with 10 year maturity period is to be introduced with 8.7% interest per annum.
Return on PPF, Public Provident Fund scheme is expected to be 8.6% from the present 8%.
Kisan Vikas Patra (KVP) to be discontinued.
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