Revision of interest rates for small savings schemes
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:
|
Instrument |
Rate of interest w.e.f 01.07.2016 to 30.9.2016 |
Rate of interest w.e.f 01.10.2016 to 31.12.2016 |
Compounding frequency * |
|
Savings Deposit |
4.0 |
4.0 |
Annually |
|
1 year Time Deposit |
7.1 |
7.0 |
Quarterly |
|
2 year Time Deposit |
7.2 |
7.1 |
Quarterly |
|
3 year Time Deposit |
7.4 |
7.3 |
Quarterly |
|
5 year Time Deposit |
7.9 |
7.8 |
Quarterly |
|
5 Year Recurring Deposit |
7.4 |
7.3 |
Quarterly |
|
5 year senior citizens savings scheme |
8.6 |
8.5 |
Quarterly and paid |
|
5 year monthly income account scheme |
7.8 |
7.7 |
Monthly and paid |
|
5 year National Savings certificate |
8.1 |
8.0 |
Annually |
|
Public provident Fund Scheme |
8.1 |
8.0 |
Annually |
|
Kisan vikas Patra |
7.8 (will mature in 110 months) |
7.7 (Will mature in 112 months) |
Annually |
|
Sukanya Samriddhi Account Scheme |
8.6 |
8.5 |
Annually |
* No change
3. This has the approval of Finance Minister.
(Vyasan R)
Deputy Secretary to the Government Of India
Tele: 011-23092326
H N Gopalaswamy says
I am a Sr Citizen and so is my wife.We have onl.y one child (A daughter) who resides in US with her family. When we wanted to invest in SCSS jointly with the nomination of our daughter, we were told that the nominees signature is required on the form with photos . When all other saving schemes and also bank deposits do not stipulate nominees signature on the form why only SCSS specially requires nominees signature and photo,. is not understandable. Due to this lacuna we had to drop SCSS.
I request the authorities to remove this impediment in SCSS and fall-in-line with other saving schemes and bank fixed deposits.