F. No. 1/0412016-NS.II
Government of India
Ministry of Finance
Department of Economic Affairs
(Budget Division)
North Block, New Delhi
Dated: December 30, 2016
OFFICE MEMORANDUM
Subject: Revision of interest rates for Small Savings Schemes.
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 fourth quarter of financial year 2016-17 starting on 15` January. 2017 and ending on 31st March, 2017, on the basis of the interest compounding/payment built-in the schemes, shall be as under:
|
Instrument |
Rate of interest w.e.f. 01.10.2016 to 31.12.2016 |
Rate of interest w.e.f. 01.01.2017 to 31.03.2017 |
Compounding frequency* |
| Savings Deposit | 4.0 | 4.0 | Annually |
|
1 Year Time Deposit |
7.0 |
7.0 |
Quarterly |
| 2 Year Time Deposit | 7.1 | 7.1 | Quarterly |
| 3 Year Time Deposit | 7.3 | 7.3 | Quarterly |
|
5 Year Time Deposit |
7.8 | 7.8 | Quarterly |
| 5 Year Recurring Deposit | 7.3 | 7.3 | Quarterly |
|
5 Year Senior Citizens Savings Scheme |
8.5 | 8.5 |
Quarterly and paid |
|
5 year Monthly Income Account Scheme |
7.7 | 7.7 | Monthly and paid |
| 5 Year National Savings Certificate | 8.0 | 8.0 | Annually |
| Public Provident Fund Scheme | 8.0 | 8.0 | Annually |
| Kisan Vikas Patra | 7.7 (will mature in 112 months) | 7.7 (will mature in 112 months) | Annually |
| Sukanya Samriddhi Account Scheme | 8.5 | 8.5 | Annually |
*No change.
3. This has the approval of Finance Minister.
(Vyasan R.)
Deputy Secretary to the Government of India
Tele: 01123092326
To
1.The Secretary.
Department of Expenditure
North Block
New Delhi.
2.The Secretary,
Department of Revenue
North Block
New Delhi.
CAclubindia
