Interest rates for small savings schemes reduced by 0.10%


Interest rates for small savings schemes reduced by 0.10%

Interest rates for small savings  schemes  are  notified  on  quarterly basis. Accordingly, the  rates of interest on various  small  savings  schemes  for the second  quarter  of financial  year 2019-20  starting 1st July, 2019, and ending on 30th September, 2019 are notified whereby Interest rates for small savings schemes have been reduced by 0.10%.

Notification of Department of Economic Affairs is given below for reference:

F.No.01/04/2016-NS
Government of India
Ministry of Finance
Department of Economic Affairs
(Budget Division)

North Block, New Delhi
Dated: 28.06.2019

Subject : Revision of interest rates for Small Savings Schemes.

1. 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 second  quarter  of financial  year 2019-20  starting 1st July, 2019, and ending on 30th September, 2019, on the  basis of the  interest  compounding  /  payment  built-in  in  the  schemes, shall be as under :

Instrument

Rate of interest w.r.t. 01.04.2019 to 30.06.2019

Rate of interest w.r.t. 01.07.2019 to 30.09.2019

Compounding frequency*

Savings Deposit

4.0

4.0

Annually

1 Year Time Deposit

7.0

6.9

Quarterly

2 Year Time Deposit

Quarterly

3 Year Time Deposit

Quarterly

5 Year Time Deposit

7.8

7.7

Quarterly

5 Year Recurring Deposit

7.3

7.2

Quarterly

5 Year Senior Citizen Savings Scheme

8.7

8.6

Quarterly and paid

5 Year Monthly Income Account

7.7

7.6

Monthly and paid

5 Year National Savings Certificate

8.0

7.9

Annually

Public Provident Fund Scheme

8.0

7.9

Annually

Kisan Vikas Patra

7.7 (will mature in 112 months)

7.6 (will mature in 113 months)

Annually                        –

Sukanya Samriddhi Account Scheme

8.5

8.4

Annually

* No Change

3. This has the approval of Finance Minister.

 

(Akhilesh Kumar Mishra)

Director

Tele -01123095024

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