Interest rates cut on PPF and Sukanya Scheme for 3rd quarter by Govt

By | September 30, 2016
(Last Updated On: October 1, 2016)

Govt. cuts interest rates on PPF and Sukanya Scheme for 3rd quarter

Download Notification of Interest rates on PPF and Sukanya Scheme for 3rd quarter of FY 2016-17

F.No. 1/04/2016-NS.II
Government of India
Ministry of Finance
Department of Economic Affairs
(Budget Division)

North Block, New Delhi Dated- September 29, 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 third quarter of financial year 2016-17 starting on 1st October, 2016 and ending on 31st December, 2016, on the basis of the interest compounding/payment built-in in the schemes, shall be as under:

InstrumentRate of interest w.e.f. 01.07.2016
to 30.9.2016
Rate of interest w.e.f. 01.10.2016
to 31.12.2016
Compounding frequency*
Savings Deposit4.04.0Annually
1 Year Time Deposit7.17.0Quarterly
2 Year Time Deposit7.27.1Quarterly
3 Year Time Deposit7.47.3Quarterly
5 Year Time Deposit7.97.8Quarterly
5 Year Recurring Deposit7.47.3Quarterly
5 Year Senior Citizens Savings Scheme8.68.5Quarterly and
_paid
5 year Monthly Income Account Scheme7.87.7Monthly and
paid
5 Year National Savings
Certificate
8.18.0Annually
Public Provident Fund Scheme8.18.0Annually
Kisan Vikas Patra7.8 (will mature in 110 months)7.7 (will mature in 112 months)Annually
Sukanya Samriddhi Account Scheme8.68.5Annually

* No change

3. This has the approval of Finance Minister.

(Vyasan R.)
Deputy Secretary to the Government of India
Tele: 01123092326

 

 

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