NEW DELHI: Government has kept interest rates unchanged for various small savings schemes for the July-October quarter of 2016-17 fiscal.
The Finance Ministry in a statement today said that interest rate on one-year deposits for July-October quarter of this fiscal has been kept unchanged at 7.1 per cent.
Likewise, interest rate on Public Provident Fund (PPF) scheme, Kisan Vikas Patra scheme and SukanyaSamriddhi Account Scheme were kept at 8.1 per cent, 7.8 per cent and 8.6 per cent respectively, the ministry said.
In February this year, the Finance Ministry had announced that small savings rate will be set quarterly to align them with market rate of government securities.
Source : PTI
Quarterly Revision of Interest Rates for Small Savings Schemes for 2nd Quarter of FY 2016-17
Press Information Bureau
Government of India
Ministry of Finance
20-June-2016 17:11 IST
Quarterly Revision of Interest Rates for Small Savings Schemes
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 2016-17, on the basis of the interest compounding/payment built-in in the schemes, shall be as under:
| Instrument | Rate of interest w.e.f. 01.04.2016 to 30.6.2016 | Rate of interest w.e.f. 01.07.2016 to 30.9.2016 | Compounding frequency |
| Savings Deposit | 4.0 | 4.0 | Annual |
| 1 Year Time Deposit | 7.1 | 7.1 | Quarterly |
| 2 Year Time Deposit | 7.2 | 7.2 | Quarterly |
| 3 Year Time Deposit | 7.4 | 7.4 | Quarterly |
| 5 Year Time Deposit | 7.9 | 7.9 | Quarterly |
| 5 Year Recurring Deposit | 7.4 | 7.4 | Quarterly |
| 5 Year Senior Citizens Savings Scheme | 8.6 | 8.6 | Quarterly and paid |
| 5 year Monthly Income Account Scheme | 7.8 | 7.8 | Monthly and paid |
| 5 Year National Savings Certificate | 8.1 | 8.1 | Annual |
| Public Provident Fund Scheme | 8.1 | 8.1 | Annual |
| KisanVikasPatra | 7.8 (will mature in 110 months) | 7.8 (will mature in 110 months) | Annual |
| SukanyaSamriddhi Account Scheme | 8.6 | 8.6 | Annual |
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