Banking News

Interest rates on Small Savings Scheme from July 1, 2017

Interest rates on Small Savings Scheme from July 1, 2017


Government Lowers interest rates on Small Savings Scheme from July 1, 2017

The Finance Ministry, Government of India notified 10 basis point cut in interest rates of small savings schemes. The interest rate on the five-year Senior Citizens Savings Scheme has been retained at 8.4 per cent as also for savings deposit at 4 per cent.  Accordingly, the interest rates on various small savings scheme for the first quarter of financial year 2017-18 starting from July 1, 2017 to September 30, 2017 will be as under.

There is no change in EPF/VPF rate (8.5%)

Scheme Rate of Interest

from July 1, 2017 to

September 30,2017

Interest rate for the previous quarter Interest compounded

On

Savings account 4% 4% Annual  rest
1 year time deposit 6.80% 6.90% Quarterly rest
2 year time deposit 6.90% 7.00% Quarterly rest
3 year time deposit 7.10% 7.20% Quarterly rest
5 year time deposit 7.60% 7.70% Quarterly rest
5 year Recurring Deposit 7.10% 7.20% Quarterly rest
5 year Senior Citizen Saving Scheme 8.30% 8.40% Interest paid quarterly, Quarterly rest
5 year Monthly Income Account Scheme 7.60% 7.60% Interest paid monthly,
5 year NSC 7.90 % 7.90% Annual rest
PPF (Public Provident Fund) 7.80% 7.90% Annual rest
KVP (Kissan Vikas Patra) 7.50 %(matures 115 months) 7.60% (matures 113 months) Annual rest
Sukanya Samriddhi Account Scheme 8.30% 8.40% Annual rest

 

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