Banking News

Latest interest rates on various small savings schemes

Latest interest rates on various small savings schemes


(The article is constantly updated on the quarterly basis to reflect the latest rate of interest on various Small Savings Schemes.)

The finance ministry of Government of India kept the interest rates of small saving schemes for the quarter  January to March 2017 unchanged.
On the basis of the decision of the government, interest rates for small savings schemes are to be notified on a quarterly basis,” the ministry said while notifying the interest rates for the fourth quarter of 2016-17. The interest rates on various small savings instruments will be as under for the period January to March 2017.

Scheme Rate of Interest  from January 1, 2017, to March  31,2017 Interest rate for the previous quarter Interest compounded

On

Savings account 4% 4% Annual  rest
1 year time deposit 7.00% 7.10% Quarterly rest
2 year time deposit 7.10% 7.20% Quarterly rest
3 year time deposit 7.30% 7.40% Quarterly rest
5 year time deposit 7.80% 7.90% Quarterly rest
5 year Recurring Deposit 7.30% 7.40% Quarterly rest
5 year Senior Citizen Saving Scheme 8.50% 8.60% Interest paid quarterly, Quarterly rest
5 year Monthly Income Account Scheme 7.70% 7.80% Interest paid monthly,
5 year NSC 8.00% 8.10% Annual rest
PPF (Public Provident Fund) 8.00% 8.10% Annual rest
KVP (Kissan Vikas Patra) 7.70 %(matures 112 months) 7.80% (matures 111 months) Annual rest
Sukanya Samriddhi Account Scheme 8.50% 8.60% Annual rest

Previous circulars:

The Finance Ministry, Government of India notified 10 basis point cut in interest rates of small savings schemes. Accordingly, the interest rates on various small savings scheme for the third quarter of the financial year 2016-17 starting from October 1, 2016, to December 31, 2016, will be as under.

Scheme Rate of Interest  from October 1, 2016 to December 31,2016 Interest rate for the previous quarter Interest compounded

On

Savings account 4% 4% Annual  rest
1 year time deposit 7.00% 7.10% Quarterly rest
2 year time deposit 7.10% 7.20% Quarterly rest
3 year time deposit 7.30% 7.40% Quarterly rest
5 year time deposit 7.80% 7.90% Quarterly rest
5 year Recurring Deposit 7.30% 7.40% Quarterly rest
5 year Senior Citizen Saving Scheme 8.50% 8.60% Interest paid quarterly, Quarterly rest
5 year Monthly Income Account Scheme 7.70% 7.80% Interest paid monthly,
5 year NSC 8.00% 8.10% Annual rest
PPF (Public Provident Fund) 8.00% 8.10% Annual rest
KVP (Kissan Vikas Patra) 7.70 %(matures 112 months) 7.80% (matures 111 months) Annual rest
Sukanya Samriddhi Account Scheme 8.50% 8.60% Annual rest

 

The Government announcement in February 2016, that the interest rate on small savings schemes will be notified on quarterly basis   instead of the earlier system of announcing for every year.

 

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