Ministry of Communication & IT circular regarding Small Savings interest rate.
SB ORDER NO. 02/2017
F. No. 113-03/2017-SB
Government of India
Ministry of Communication & IT
Department of Posts
Dak Bhawan, New Delhi
All Heads of Circles
Addl. Director General, APS, New Delhi
Subject:- Revision of interest rates for Small Savings Schemes.
The undersigned is directed to say that vide its OM No. 1/4/2016-NS-II dated March 31. 2017 Govt. of India, Ministry of Finance, Department of Economic Affairs (Budget Division) has revised interest rates of Small Savings Schemes for the first quarter of financial year 2017-18 starting on 1st April, 2017 and ending on 30th June , 2017. These interest rates shall be applicable from 01.04.2017 and up to 30.06.2017 on new accounts opened/certificates issued on or after 01.04.2017(except Saving account, PPF & SSA Accounts where new rate shall be applicable on the balance in the existing accounts as well as subsequent deposits if made from 01.04.2017 to 30.06.2017 also).
On the basis of the interest compounding /payment. built-in in the schemes, interest rates on various Savings Schemes from 01.04.2017 shall be as under:
|Sl. No.||Instruments||Rate of interest w.e.f. 01.01.2017 to 31.03.2017||Rate of interest w.e.f. 01.04.2017 to 30.06.2017||Compounding frequency *|
|2||1 Year Time Deposit||7.00%||6.90%||Quarterly|
|3||2 Year Time Deposit||7.10%||7.00%||Quarterly|
|4||3 Year Time Deposit||7.30%||7.20%||Quarterly|
|5||5 Year Time Deposits||7.80%||7.70%||Quarterly|
|6||5 Year Recurring Deposit||7.30%||7.20%||Quarterly|
|7||5 Year Senior Citizen Account Scheme||8.50%||8.40%||Quarterly and paid|
|8||5 Monthly Income Account Scheme||7.70%||7.60%||Monthly and paid|
|9||5 Year National Certificate||8.00%||7.90%||Annually|
|10||Public Provident Fund Scheme||8.00%||7.90%||Annually|
|11||Kisan Vikas Patra||7.70%||7.60%||Annually|
|(will mature in 112 months)||(will mature in 113 months)|
|12||Sukanya Samriddhi Account Scheme||8.5||8.40%||Annually|
It is requested to circulate these changes to all concerned for information and necessary guidance. Same may also be placed on the notice board of all Post Offices in public area.
This issue with the approval of Competent Authority.
Assistant Director (SB-I)
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