Revision of Rate of Interest on Public Provident Fund and Senior Citizens Savings FY 2013-14
Excel for Chartered Accountants
RESERVE BANK OF INDIA
www.rbi.org.in
RBI/2013-14/526
RBI/2013-14/526
DGBA.CDD. No. 5342 /15.02.001/2013-14 March21, 2014
The Chairman and Managing Director/Managing Director
The Chairman and Managing Director/Managing Director
Head Office, Government Accounts Department
State Bank of India/State Bank of Bikaner & Jaipur
State Bank of Hyderabad/State Bank of Mysore
State Bank of Patiala/ State Bank of Travancore
Andhra Bank/Allahabad Bank/Bank of Baroda/Bank of India
Bank of Maharashtra/Canara Bank/Central Bank of India
Corporation Bank/Dena Bank/Indian Bank/ Indian OverseasBank
Oriental Bank of Commerce/Punjab National Bank/Punjab &Sind Bank
Syndicate Bank/UCO Bank/Union Bank of India/United Bank ofIndia
Vijaya Bank/IDBI Bank Ltd./ICICI Bank Ltd.
Madam/Dear Sir,
Public Provident Fund Scheme, 1968 (PPF Scheme, 1968) and Senior Citizens Savings Scheme, 2004 (SCSS, 2004) - Revision of interest rates
Please refer to our circular RBI/2011-12/359 dated January20, 2012 regarding interest rates on small savings schemes, wherein it was indicated that as per Government’s decision on revision of interest on small savings schemes, the interest rates on various small savings schemes for everyfinancial year will be notified by the Government before April 1
st
of that year.
Please refer to our circular RBI/2011-12/359 dated January20, 2012 regarding interest rates on small savings schemes, wherein it was indicated that as per Government’s decision on revision of interest on small savings schemes, the interest rates on various small savings schemes for everyfinancial year will be notified by the Government before April 1 st of that year.
The Government of India has now vide their Office Memorandum (OM) No. 6-1/2011-NS.II dated 4
th
March 2014, advised the rate of interest on various small savings schemes for the financial year 2014-15. Accordingly, the rates of interest on PPF, 1968 and SCSS, 2004 for thefinancial year 2014-15, effective from April 01, 2014, on the basis of the interest compounding/payment built-in in the schemes, will be as under:
Scheme |
Rate of Interest w.e.f.01.04.2013 |
Rate of Interest w.e.f.01.04.2014 |
5 Year SCSS, 2004 |
9.2% p.a. |
9.2% p.a. |
PPF, 1968 |
8.7% p.a. |
8.7% p.a. |
The contents of this circular may be brought to the noticeof the branches of your bank operating the PPF, 1968 and SCSS, 2004 schemes.These should also be displayed on the notice boards of your branches forinformation of the PPF, 1968 & SCSS, 2004 subscribers.
The contents of this circular may be brought to the noticeof the branches of your bank operating the PPF, 1968 and SCSS, 2004 schemes.These should also be displayed on the notice boards of your branches forinformation of the PPF, 1968 & SCSS, 2004 subscribers.
Yours faithfully
Sd/
(Shrikant Hamine)
Manager
