Question
The finance ministry has increased the small savings
rates for the September quarter of FY 24.Amongst the changes, the small savings rate for the five-year recurring deposit was raised to ______ .Solution
The finance ministry has increased the small savings rates for the September quarter of FY24 for the one-year, two-year, and five-year recurring deposits, while keeping other interest rates unchanged.Interest rates for the one-year and two-year deposits were raised by 10 basis points (bps) each to 6.9 per cent and 7 per cent, respectively, while small savings rate for the five-year recurring deposit was raised by 30 bps to 6.5 per cent.
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