Revision of interest rates for Small Savings Schemes.
F.No. 1 /04/2016-NS.I I
Government of India
Ministry of Finance
Department of Economic Affairs
(Budget Division)
North Block, New Delhi
Dated: 181h March, 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 16″ February, 2016, vide which the various decisions taken by the Government regarding interest fixation for small savings schemes were communicated to all concerned.
- On the basis of the decisions 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 first quarter of financial year 2016-17. on the basis of the interest compounding/payment built-in in the schemes, shall be as under:
| Instrument | Rate of interest w.e.f. 01.04.2015 to 31.3.2016 | Rate of interest w.e.f. 01.04.2016 to 30.6.2016 | |
| Savings Deposit | 4 | 4 | |
| 1 Year Time Deposit | 8.4 | 7.1 | |
| 2 Year Time Deposit | 8.4 | 7.2 | |
| 3 Year Time Deposit | 8.4 | 7.4 | |
| 5 Year Time Deposit | 8.5 | 7.9 | |
| 5 Year Recurring Deposit | 8.4 | 7.4 | |
| 5 Year Senior Citizens Savings | 9.3 | 8.6 | |
| Scheme | |||
| 5 year Monthly Income Account | 8.4 | 7.8 | |
| Scheme | |||
| 5 Year National Savings Certificate | 8.5 | 8.1 | |
| Public Provident Fund Scheme | 8.7 | 8.1 | |
| Kisan Vikas Patra | 8.7 | 7.8 (will mature in 110 months) | |
| Sukanya Samriddhi Account Scheme | 9.2 | 8.6 |
- The necessary notifications will be notified separately.
- This has the approval of Secretary (Economic Affairs).
(Anil Kumar Jha)
Under Secretary to the Government of India
Tele:01123093035
To
1.The Secretary,
Department of Expenditure
North Block
New Delhi.
2.The Secretary.
Department of Revenue
North Block, New Delhi.
3.The Secretary,
Department of Posts Dak BhawanNew Delhi.
4.The Secretary,
Department of Financial – ServicesJeevandeep Building Parliament Street, New Delhi
5.The Director,
National Savings Institute Nagpur.
6.Chief General Manager Department of Govt. & Bank Accounts
Central Office
Mumbai.
7. Reserve Bank of India Central Accounts Section Additional Office Section East High Court Road
Nagpur-440001.
8. Chief Secretaries of States/UT Governments.
Source : FINMIN
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