F.No. 1/04/2016-NS.II
Government of India
Ministry of Finance
Department of Economic Affairs
(Budget Division)
North Block, New Delhi Dated: December 30, 2016
OFFICE MEMORANDUM
Subject: Revision of interest rates for Small Savings Schemes.
The undersigned is directed to refer to this Departments 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.
Also Read- Interest rates on Small Savings Schemes for Oct,16 to -Dec,16
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 fourth quarter of financial year 2016-17 starting on 1st January, 2017 and ending on 31st March,2017, on the basis of the interest compounding/payment built- in the schemes, shall be as under:
| Instrument | Rate of interest w.e.f. 01.10.2016 to 31.12.2016 |
Rate of interest w.e.f. 01.01.2017 to 31.03.2017 |
Compounding frequency* |
| Savings Deposit | 4A | 4.0 | Annually |
| 1 Year Time Deposit | 7.0 | 7.0 | Quarterly Quarterly |
| 2 Year Time Deposit | 7.1 | 7.1 | |
| 3 Year Time Deposit | 7.3 | 7.3 | Quarterly Quarterly |
| 5 Year Time Deposit | 7.8 | 7.8 | |
| 5 Year Recurring Deposit | 7.3 | 7.3 | Quarterly Quarterly and paid |
| 5 Year Senior Citizens Savings Scheme | 8.5 | 8.5 | |
| 5 year Monthly Income Account Scheme | 7.7 | 7.7 | Monthly and paid |
| 5 Year National Savings Certificate |
8.0 | 8.0 | Annually |
| Public Provident Fund Scheme | 8.0 | 8.0 | Annually |
| Kisan Vikas Patra | 7.7 (will mature in 112 months) | 7.7 (will mature in 112 months) | Annually |
| Sukanya Samriddhi Account Scheme | 8.5 | 8.5 | Annually |
No change
3. This has the approval of Finance Minister.
| To | |
| 1. The Secretary.
Department of Expenditure North Block New Delhi. |
2. The Secretary,
Department of Revenue North Block New Delhi. |
| 3. The Secretary,
Department of Economic Affairs North Block New Delhi. |
4. The Secretary,
Department of Financial -Services Jeevandeep Building Parliament Street, New Delhi. |
| 5. The Secretary
Department of Posts Dak Bhawan, New Delhi |
6. Chief General Manager Department of Govt. & Bank Accounts
Reserve Bank of India Central Office Mumbai. |
| 7. Reserve Bank of India Central Accounts Section Additional Office Section East High Court Road Nagpur-440001. | 8. Chief Secretaries of States/UT Governments. |
| 9. The Director
National Savings Institute Delhi. |
|
Relief in interest rate on house loan should
also be given to all including those who
have taken loan before 2017.
exelent, Plz make it regular end enclude the various borrowing rate with Housing loan