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Interest rates for Small Savings Schemes reduced by 0.1% from 1st October, 2016

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

*No change


3. This has the approval of Finance Minister.


Vyasan R

Deputy Secretary to the Government of India

Tele phone : 011 2309 2326


Interest rates for Small Savings Schemes reduced by 0.1% from 1st October, 2016 Reviewed by S. Chitra on October 01, 2016 Rating: 5 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 ...

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