Banking News

Interest rates on Small Savings Scheme from October1, 2017

Interest rates on Small Savings Scheme from October1, 2017


Interest rate on small savings for October to December 2017 remain unchanged.The rates of interest on various small savings scheme for the third quarter of the financial year 2017-18 starting October 1 shall remain unchanged from those notified for the second quarter(July -September) of 2017-18,” the Finance Ministry said in its press release on Sep 29,2017.

 Accordingly, the interest rates on various small savings scheme for the third  quarter of financial year 2017-18 starting from October 1, 2017 to December 31, 2017 will be as under.

Schemes Rate of Interest

from October 1, 2017 to

December 31,2017

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

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

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