Small Savings Scheme

Interest rates reduced for Small Savings Schemes-NSC, PPF, KVP, Sukanya Samriddhi etc

Interest rates revision for Small Savings Schemes-Interest rates reduced for NSC, PPF, KVP, Sukanya Samriddhi, Senior Citizen, Monthly income  etc for 1st quarter FY 2016-17

F.No. 1/04/2016-NS .II

Government of India

Ministry of Finance Depa’rtment of Economic Affairs

(Budget Division)

North -Block , New Delhi Dated: 18th March, 2016

OFFICE MEMORANDUM

Subject: Revision of interest rates for Small Savings Schemes.

The undersigned is directed to refer to this Department’s OM of even number dated 16th February, 2016, vide which the various decisions taken by the Government regarding interest fixation for small savings schemes were communicated to all concerned .

2. On the basis of the decisions of the Government, interest rates for small savings schemes are to be notified on quarterly Accordingly , the rates of interest on various small savings schemes for the first quarter of financial year 2016-17 , on the basis of the interest compounding/payment built-in in the schemes, shall be as under :

Instrument

Rate   of          interest w.e.f. 01.04.2015 to 31.3.2016

Rate of interest w.e.f. 01.04.2016      to 30.6.2016

Savings Deposit 4.0 4.0
1 Year Time Deposit 8.4 7.1
2 Year Time Deposit 8.4 7.2
3 Year Time Deposit 8.4 7.4
5 Year Time Deposit 8.5 7.9
5 Year Recurring Deposit 8.4 7.4
5   Year Senior Citizens Savings Scheme 9.3 8.6
5  year Monthly Income Account Scheme 8.4 7.8
5 Year National Savings Certificate 8.5 8.1
Public Provident Fund Scheme 8.7 8 .1
Kisan Vikas Patra 8.7 7.8 (will mature in  110 months)
Sukanya Samriddhi Account Scheme 9.2 8.6
  1. The necessary notifications will be notified
  1. . This has the approval of Secretary (Economic Affairs) .

 

(Anil Kumar Jha)

Under Secretary to the Government of India

Tele : 01123093035

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