Revision of Interest rates for small savings schemes

| March 26, 2012 | Reply

No. 6-1/2011-NS.ll (Pt.)
Ministry of Finance
Department of Economic Affairs
(Budget Division)

New Delhi, the 26 March, 2012.

OFFICE MEMORANDUM

Sub: Revision of Interest rates for small savings schemes.

The undersigned is directed to refer to Ministry of Finance’s O.M. of even number
dated 11th  November, 2011, vide which the various decisions taken by the Government on the recommendations of the Shyamala Gopinath Committee for Comprehensive Review of National Small Savings Fund (NSSF), were communicated to all concerned.

2. One of the decisions of the Government based on the recommendations of the
Committee relates to revision of interest rates every financial year, to be notified before 1st  April of that year. Accordingly, the rates of interest on various small savings schemes for the financial year 2012-13 effective from 1.4.2012, on the basis of the interest compounding/payment built-in in the schemes, shall be as under:

Scheme

Rate of interest w.e.f.1.12.2011

Rate of interest w.e.f.1.4.2012

Saving deposit

4.0

4.0

1 year time deposit

7.7

8.2

2 year time deposit

7.8

8.3

3 year time deposit

8.0

8.4

5 year time deposit

8.3

8.5

5year recurring deposit

8.0

8.4

5year SCSS

9.0

9.3

5year MIS

8.2

8.5

5year NSC

8.4

8.6

10 year NSC

8.7

8.9

PPF

8.6

8.8

 

3. Necessary notifications, including those requiring amendments to rules of small savings schemes will be notified separately.

4. This has the approval of Finance Minister.

source-http://finmin.nic.in/the_ministry/dept_eco_affairs/budget/InterestRate_SmallSaving_26032012.pdf

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