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REVISION OF INTEREST RATES FOR SMALL SAVINGS SCHEMES WITH EFFECT FROM 1-4-2013
Based on the decisions taken by the Government on the recommendations of the Shyamala Gopinath Committee for Comprehensive Review of National Small Savings Fund (NSSF), the interest rates for small saving schemes are to be notified every financial year, before 1st April of that year. Accordingly, the rate of interest on various small savings schemes for the financial year 2013-14 effective from 1-4-2013, on the basis of the interest compounding/payment built-in in the schemes, shall be as under :
|
Scheme |
Rate of Interest w.e.f. 1-4-2012 |
Rate of Interest w.e.f. 1-4-2013 |
|
1 |
2 |
3 |
| Savings Deposit |
4.0 |
4.0 |
| 1 Year Time Deposit |
8.2 |
8.2 |
| 2 Year Time Deposit |
8.3 |
8.2 |
| 3 Year Time Deposit |
8.4 |
8.3 |
| 5 Year Time Deposit |
8.5 |
8.4 |
| 5 Year Recurring Deposit |
8.4 |
8.3 |
| 5 Year SCSS |
9.3 |
9.2 |
| 5 Year MIS |
8.5 |
8.4 |
| 5 Year NSC |
8.6 |
8.5 |
| 10 Year NSC |
8.9 |
8.8 |
| PPF |
8.8 |
8.7 |
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Revised Interest rate may effect to MIS and SCSS opened in the month of Sept2012.
Every where when the rates are going up, what government playing joke especially with old age interest earning people. Why can’t salary and allowances of all MPs be reduced? Why pension of MPs be terminated who works? only for 5 years and then whole the life becomes load on people.
This govt. is totaly confused and seems to be like a layman holding pen in his hands but dont know wat to right
I agree with the views of Mr. Ramamurthy – With inflation rate @ 10.5 plus the net return from deposits will be in negative. Is anybody going to justify this.
Consumer Price Index is hovering around 10.5% and will certainly stay there and may even go up during 2013-2014.Yet our Govt. is reducing the interest rates.What is the logic please?
I know Govt may introduce inflation adjusted Bonds.Knowing my Govt.these Bonds when introduced will be a total flop.