Saturday, 1 October 2016

Revision of interest rates for Small Savings Scheme from 1st Oct, 2016 to 31st Dec, 2016

Revision of interest rates for Small Savings Scheme from 1st Oct, 2016 to 31st Dec, 2016

F.No. 1/04/2016-NS.II
Government of India
Ministry of Finance
Department of Economic Affairs
(Budget Division)
North Block, New Delhi
Dated: September 29. 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 decision 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 third quarter of financial year 2016-17 starting on 1st October, 2016 and ending on 31st December. 2016, on the basis of the interest compounding/payment built-in in the schemes. shall be as under:

InstrumentsRate of interest
w.e.f. 01.07.2016
to 30.09.2016
Rate of interest
w.e.f. 01.10.2016
to 31.12.2016
Compounding
frequency*
Saving Deposit4.04.0Annually
1 Year Time Deposit7.17.0Quarterly
2 Years Time Deposit7.27.1Quarterly
3 Years Time Deposit7.47.3Quarterly
5 Years Time Deposit7.97.8Quarterly
5 Years Recurring Deposit7.47.3Quarterly
5 Years Senior Citizens Savings Scheme8.68.5Quarterly and paid
5 Years Monthly Income Account Scheme7.87.7Monthly and paid
5 Years National Savings Certificate8.18.0Annually
Public Provident Fund Scheme8.18.0Annually
Kisan Vikas Patra7.8
(will mature in
110 months)
7.7
(will mature in
112 months)
Annually
Sukanya Samriddhi Account Scheme8.68.5Annually
*No change

3. This has the approval of Finance Minister.
(Vyasan R.)
Deputy Secretary to the Government of India
Source: http://finmin.nic.in

Flash News

2% Dearness Allowance to Central Government employees & Pensioners

2% Dearness Allowance 2% Dearness Allowance to Central Government employees & Pensioners Cabinet approves two percent Dearness...