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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