Friday, 21 September 2018

Revision of interest rates for small savings schemes


Revision of interest rates for small savings schemes

F.No.01/04/2016-NS
Government of India
Ministry Of Finance
Department of Economic Affairs
(Budget Division)
North Block, New Delhi
Dated: 19.09.2018
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 2018-19 starting 1st October, 2018 and ending on 31st December, 2018, on the basis of the interest compounding/payment built-in the schemes, shall be as under:-

InstrumentRate of interest w.r.f 01.07.2018 to 30.09.2018Rate of interest w.r.t 01.10.2018 to 31.12.2018Compounding
frequency*
Savings Deposit4.04.0Annually
1 Year Time Deposit6.66.9Quarterly
2 Year Time Deposit6.77.0Quarterly
3 Year Time Deposit6.97.2Quarterly
5 Year Time Deposit7.47.8Quarterly
5 Year Recurring Deposit6.97.3Quarterly
5 Year Senior Citizen Savings Scheme8.38.7Quarterly and paid
5 Year Monthly Income Account7.37.7Monthly and Paid
5 Year National Savings certificate7.68.0Annually
Public provident Fund Scheme7.68.0Annually
Kisan Vikaspatra7.3 (will mature in 118 months)7.7 (will mature in 112 months)Annually
Sukanya Samriddhi Account Scheme8.18.5Annually
*No change

3. This has the approval of Finance Minister.
(Padam singh)
Sr.Regional Director(NS)
Tele: 01123095155
Source: Dea.gov.in

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