The Post Office small saving schemes have been restructured on the basis of the recommendations of the Shyamala Gopinath Committee, which submitted its report in June, 2011.
Interest rates on postal small savings have been hiked in the range of 4% up to 8.6%. The investment limit for PPF (Public Provident Fund) has also been increased by Rs. 30,000 to Rs. 1 lakh, as also the interest rate at 8.6% from 8% at present.
The new rates will be applicable from the date of notification which will be announced soon. From next year, the rates would be notified before April 1.
The maturity period for the post office MIS (Monthly Income Scheme) and NSC (National Savings Certificate) has been reduced to 5 years from 6 years at present.
Payment of commission on PPF at the rate of 1% and Senior Citizens Savings Scheme at the rate of 0.5% will be discontinued.
Agency commission under all other schemes will be reduced by 0.5%, from the existing 1 per cent.
Interest rates on postal small savings have been hiked in the range of 4% up to 8.6%. The investment limit for PPF (Public Provident Fund) has also been increased by Rs. 30,000 to Rs. 1 lakh, as also the interest rate at 8.6% from 8% at present.
The new rates will be applicable from the date of notification which will be announced soon. From next year, the rates would be notified before April 1.
The maturity period for the post office MIS (Monthly Income Scheme) and NSC (National Savings Certificate) has been reduced to 5 years from 6 years at present.
Payment of commission on PPF at the rate of 1% and Senior Citizens Savings Scheme at the rate of 0.5% will be discontinued.
Agency commission under all other schemes will be reduced by 0.5%, from the existing 1 per cent.
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