Interest rates for Small Savings
Schemes reduced by 0.1% from 1st
October, 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:
Instruments
|
Rate 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 Deposit
|
4.0
|
4.0
|
Annually
|
1 Year Time Deposit
|
7.1
|
7.0
|
Quarterly
|
2 Years Time Deposit
|
7.2
|
7.1
|
Quarterly
|
3 Years Time Deposit
|
7.4
|
7.3
|
Quarterly
|
5 Years Time Deposit
|
7.9
|
7.8
|
Quarterly
|
5 Years Recurring Deposit
|
7.4
|
7.3
|
Quarterly
|
5 Years Senior Citizens Savings
Scheme
|
8.6
|
8.5
|
Quarterly and paid
|
5 Years Monthly Income Account
Scheme
|
7.8
|
7.7
|
Monthly and paid
|
5 Years 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
|
Vyasan R
Deputy Secretary to the Government
of India
Tele phone : 011 2309 2326
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