Thursday, 5 May 2016

Revision of interest rates for Small Savings Schemes – Fin Min Orders

Revision of interest rates for Small Savings Schemes – Fin Min Orders


F.No. 1/04/2016·NS.11
Government  of India
Ministry of Finance Department  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  basis.  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 31.03.2016 Rate of Interest w.e.f 01.04.2016 to 30.06.2016
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 Deposit 9.3 8.6
5 Year Monthly IncomeAccount 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

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