Government keeps interest rates on small savings scheme unchanged

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. 

Similiarly, interest rate on two-year time deposit, three-year time deposit and five-year time deposit were kept at 7.2 per cent, 7.4 per cent and 7.9 per cent, respectively. 


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:

InstrumentRate of interest w.e.f. 01.04.2016 to 30.6.2016Rate of interest w.e.f. 01.07.2016 to 30.9.2016Compounding frequency
Savings Deposit4.04.0Annual
1 Year Time Deposit7.17.1Quarterly
2 Year Time Deposit7.27.2Quarterly
3 Year Time Deposit7.47.4Quarterly
5 Year Time Deposit7.97.9Quarterly
5 Year Recurring Deposit7.47.4Quarterly
5 Year Senior Citizens Savings Scheme8.68.6Quarterly and paid
5 year Monthly Income Account Scheme7.87.8Monthly and paid
5 Year National Savings Certificate8.18.1Annual
Public Provident Fund Scheme8.18.1Annual
KisanVikasPatra7.8 (will mature in 110 months)7.8 (will mature in 110 months)Annual
SukanyaSamriddhi Account Scheme8.68.6Annual
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