Revision of Interest Rates for Small Savings Schemes for the Financial Year 2014-15

Press Information Bureau

Government of India

Ministry of Finance

04-March-2014

         Revision of Interest Rates for Small Savings Schemes for the Financial Year 2014-15

Announced

            Various decisions taken by the Government of India on the recommendations of the Shyamala Gopinath Committee for Comprehensive Review of National Small Savings Fund (NSSF), were communicated to all concerned by the Government through its Office Memorandum dated 11th November, 2011.

            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 with the approval of the Finance Minister, the rates of interest on various small savings schemes for the Financial Year 2014-15 effective from 01.04.2014, on the basis of the interest compounding/payment built-in in the schemes, shall be as under :

Scheme	Rate of interest w.e.f.01.04.2013	Rate of Interest w.e.f. 01.04.2014
1.	2.	3.
Savings Deposit	4.0	4.0
1 Year Time Deposit	8.2	8.4
2 Year Time Deposit	8.2	8.4
3 Year Time Deposit	8.3	8.4
5 Year Time Deposit	8.4	8.5
5 Year Recurring Deposit	8.3	8.4
5 Year SCSS	9.2	9.2
5 Year MIS	8.4	8.4
5 Year NSC	8.5	8.5
10 Year NSC	8.8	8.8
PPF	8.7	8.7

Source : PIB (Release ID :104482)

DEPARTMENT ANNOUNCED TIME FACTOR FOR DATA ENTRY WORK DONE BY POSTMEN

Whether LSG/HSG-II offices have to issue ECB Memos or not?

Some of our Post Masters are seeking clarification... whether LSG/HSG-II offices have to issue ECB Memos or not?  Here is the clarification.....

The SPM will be held responsible that the amount of cash and value of stamps retained by him and his village postman is never unnecessarily large.  As far as possible, he must work with balances within the authroised limits and should not retain cash in excess of the authorized maximum, except when this is necessary in order to meet actual existing liabilities.  He will be responsible that his BOs are not allowed without sufficient justification, to retain balances in excess of the authorized limits. 

Whenever the cash balance retained by a SO of three hands or less including the SPM exceeds the authorized maximum,

TAMILNADU CIRCLE GRADATION LIST OF PM GRADE OFFICIALS UPDATED UPTO 1.1.14

Dear Postmaster Cadre friends,

                    Eagerly awaited Gradation List of Tamilnadu circle updated upto 1.l.14 is published here.

Possibility to announce Interim Relief before elections

Proposals of Enhancement of Retirement age and Merger of D.A may not materialize

It was learnt from the sources close to the Union Government that the proposals of Enhancement of Retirement age of Central Government Employees from 60 to 62 years and Merger of D.A to basic pay may not be materialized now before General elections. 

Accordingly, these two proposals have not been taken up for consideration by the union Cabinet in its meeting held on friday. But there is possibility to announce Interim Relief (I.R) before elections. 

Source: www.postalinspectors.blogspot.in

[http://postalinspectors.blogspot.in/2014/02/proposals-of-enhancement-of-retirement.html]

7th Pay Commission may recommend in its interim report to merge 50% of DA with basic pay..!

7th Pay Commission may recommend in its interim report to merge 50% of DA with basic pay..!

NEW DELHI: The Union Cabinet on Friday raised dearness allowance to 100% from 90%, benefiting 50 lakh employees and 30 lakh pensioners.

The government has also cleared the way for merger of 50% DA with basic pay by approving it among the terms of reference of the 7th Pay Commission. An official said now the commission can suggest the merger in its interim report. 


He added that 50% DA merger with basic pay will roughly increase the gross salaries of central government employees by around 30%.

GOVERNMENT REFUSED TO ACCEPT THE MAIN DEMANDS OF THE CENTRAL GOVERNMENT EMPLOYEES - CONFEDERATION

CONFEDERATION OF CENTRAL GOVT. EMPLOYEES & WORKERS

      1st Floor, North Avenue PO Building, New Delhi – 110001

      Website: www.confederationhq.blogspot.com

            Email: confederationhq@gmail.com

Circular No. 13

Dated 2.3.2014

GOVERNMENT REFUSED TO ACCEPT THE MAIN DEMANDS OF THE CENTRAL GOVERNMENT EMPLOYEES.

CONFEDERATION NATIONAL SECRETARIAT CALLS UPON THE ENTIRE CG EMPLOYEES TO PROTEST AGAINST THE ARBITRARY AND UNILATERAL DECISION OF THE GOVERNMENT.

HOLD NATION WIDE PROTEST DEMONSTRATION IN FRONT OF ALL OFFICES AND AT ALL IMPORTANT CENTRES ON 7TH  MARCH 2014 OR AT ANY IMMEDIATE CONVENIENT DATE.

SEND PROTEST SAVINGRAM TO THE PRIME MINISTER.

PREPARE for AN INDEFINITE STRIKE IMMEDIATELY AFTER GENERAL ELECTION DEMANDING , MERGER OF DA , INTERIM RELIEF , INCLUSION OF GDS UNDER 7TH CPC, PARITY IN PENSION, DATE OF EFFECT 1/1/2014, SCRAP NEW PENSION SCHEME, SETTLE ANOMOLIES,INCLUSION OF LABOUR REPRESENTATIVE IN THE PAY COMMISSION AND OTHER DEMANDS IN THE 15 POINT CHARTER OF DEMANDs.

CONDUCT INTENSIVE CAMPAIGN AND MAKE THE 4TH APRIL NAGPUR NATIONAL CONVENTION A GRAND SUCCESS

Soon car manufacturers, e-commerce can use postal service : Secretary (Posts)

With traditional business dwindling, Postal Department looking for new avenues.

The Original Equipment Manufacturers (OEMs) and E-commerce companies can soon will be able to tie-up with the India Post, which spread across 1.50 lakh locations across India, to reach out to their customers/potential customers.

The India Post, is being modernised with an investment of over Rs 4,900 crore, which will bring all the Postoffices under one net and all the operations will be computerised.

Reference of 7thCentral Pay Commission (CPC)

The Union Cabinet today gave its approval to the Terms of Reference of 7thCentral Pay Commission (CPC) as follows:-

a) To examine, review, evolve and recommend changes that are desirable and feasible regarding the principles that should govern the emoluments structure including pay, allowances and other facilities/benefits, in cash or kind, having regard to rationalization and simplification therein as well as the specialized needs of various Departments, agencies and services, in respect of the following categories of employees:-

i. Central Government employees-industrial and non-industrial;

ii. Personnel belonging to the All India Services;

iii. Personnel of the Union Territories;

iv. Officers and employees of the Indian Audit and Accounts Department;

v. Members of regulatory bodies (excluding the Reserve Bank of India) set up under Acts of Parliament; and

vi. Officers and employees of the Supreme Court.

10 % DA ANNOUNCED

Release of additional installment of dearness allowance to Central Government employees and dearness relief to Pensioners, due from 1.1.2014 

The Union Cabinet today approved the proposal to release an additional installment of Dearness Allowance (DA) to Central Government employees and Dearness Relief (DR) to pensioners with effect from 01.01.2014, in cash, but not before the disbursement of the salary for the month of March 2014 at the rate of 10 percent increase over the existing rate of 90 percent. 

Hence, Central Government employees as well as pensioners are entitled for DA/DR at the rate of 100 percent of the basic with effect from 01.01.2014. The increase is in accordance with the accepted formula based on the recommendations of the 6th Central Pay Commission. 

The combined impact on the exchequer on account of both dearness allowance and dearness relief would be Rs. 11074.80 crore per annum and Rs. 12920.60 crore in the financial year 2014-15 ( i.e. for a period of 14 months from January 2014 to February 2015). 

=== PBI NEWS