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Income Tax
INTEREST RATES FOR SMALL SAVINGS SCHEMES
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Topic: INTEREST RATES FOR SMALL SAVINGS SCHEMES (Read 3386 times)
January 28, 2012, 08:23:48 AM
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RAJ
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INTEREST RATES FOR SMALL SAVINGS SCHEMES
CIRCULAR NO. DGBA.CDD. NO.H- 4836 /15.02.001/2011-12, DATED 20-1-2012
As per the decision of the Government on the recommendations of the Committee for Comprehensive Review of National Small Savings Fund (NSSF), the rate of interest on small savings schemes will be aligned with G-Sec rates of similar maturity with a spread of 25 basis points (bps), with two exceptions. The spread on 10 year National Savings Certificate (NSC) will be 50 bps and on Senior Citizens Savings Scheme, 2004 (SCSS, 2004) 100 bps. The interest rates for every financial year will be notified before April 01st of that year. Notifications on changes in the interest rates, in various small savings schemes with effect from December 01, 2011 have already been issued by Government of India. We have also, videour circular No. RBI/2011-12/291, dated December 05, 2011 circulated Government' ' 's Notification dated November 25, 2011 indicating change in the interest rate on Public Provident Fund Scheme, 1968 (PPF, 1968).
2. It is observed that news items are appearing in certain sections of the press, which convey an impression that the interest rates on small savings schemes linked to G-Sec rates, are floating in nature and will undergo change depending on the yields on G-Sec during the currency of an instrument.
3. As per the rules of small savings schemes, the rate of interest on an investment made in all schemes except PPF, 1968 on a particular date, remains unchanged for the entire duration of the investment, till maturity, irrespective of the revisions in subsequent years.
4. The above clarification may be brought to the notice of the branches of your bank operating the PPF Scheme, 1968 and SCSS, 2004 advising them to display the same on their notice boards.
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November 10, 2015, 03:25:23 PM
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Re: INTEREST RATES FOR SMALL SAVINGS SCHEMES
Govt slashes interest rates on small saving schemes
30 Jun 2017 | 6:17 PM
NEW DELHI: The government has lowered interest rates on small saving schemes like PPF, Kisan Vikas Patra and Sukanya Samriddhi by 0.1 per cent for the July- September quarter, a move that will prompt banks to lower deposit rates.
September 20, 2018, 04:35:55 PM
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Re: INTEREST RATES FOR SMALL SAVINGS SCHEMES
Govt hikes interest rate on small savings
Govt hikes interest rate on small savings by up to 0.4 per cent
Interest rates for small savings schemes are notified on a quarterly basis.
New Delhi, September 20
The government has raised interest rates on small savings schemes, including NSC and PPF, by up to 0.4 per cent for the October-December quarter, in line with rising deposit rates in the banks.
Interest rates for small savings schemes are notified on a quarterly basis.
The rates of interest on various small savings schemes for the third quarter of financial year 2018-19, starting October 1 and ending on December 31, 2018, had been revised, the Finance Ministry said while notifying the rates.
Interest rate for the five-year term deposit, recurring deposit Senior Citizens Savings Scheme has been raised to 7.8, 7.3 and 8.7 per cent, respectively. The interest on the senior citizens’ scheme is paid quarterly.
However, interest on savings deposits has been retained at 4 per cent, annually.
Public Provident Fund (PPF) and National Savings Certificate (NSC) will fetch annual interest rate of 8 per cent as compared to existing 7.6 per cent, while Kisan Vikas Patra (KVP) will yield 7.7 per cent and mature in 112 months as against 118 months in the previous quarter.
The girl child savings scheme Sukanya Samriddhi account will earn higher interest rate of 8.5 per cent rate, 0.4 per cent more then the current rate.
Term deposits of one-three years will fetch 0.3 per cent higher interest rate.
While announcing the quarterly setting of interest rates in 2016, the finance ministry had said that rates of small savings schemes would be linked to government bond yields. The move is expected to see banks lowering their deposit rates in line with the small savings rate offered by the government. PTI
September 21, 2018, 05:33:52 AM
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