Banking News

Latest interest rates on various small savings schemes

Latest interest rates on various small savings schemes


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

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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