Post Office Saving, NSC and PPF to fetch better returns now:

The government has announced a complete overhaul of the small savings schemes

Introduction of a 10-year national savings certificate (NSC).
Increase in the ceiling on annual contributions to the Public Provident Pund (PPF) deposits to One Lakh Rupees from the current Rs. 70,000.
Discontinuation of the "Kisan Vikas Patra"
Interest rates on Postal Savings will go up to 4% from 3.5% at present

The maturity period of Monthly Investment Schemes (MIS) and National Savings Certificates (NSC) reduced from Six to FIVE years.
To reduce the cost of administration of the scheme, the government has decided to lower the commission charged by agents that sell these schemes. As per the memorandum, the payment of agency commission on all schemes, except the Mahila Pradhan Kshetriya Bachat Yojana, will be either discontinued or reduced by at least 0.5%. Women agents will continue to receive 4%

The new rules will kick in when the government issues a notification

Source: The Economic Times