F.No.01/04/2016-NS
Government of India
Ministry of Finance
Department of Economic Affairs
(Budget Division)
North Block, New Delhi Dated: 29.03.2019
Office Memorandum
Subject: Revision of interest rates for Small Savings Schemes.
On the basis of the decision of the Government, interest rates for small savings schemes are notified on quarterly basis since April, 2016. Accordingly, the rates of interest on various small savings schemes for the first quarter of financial year 2019-20 staring 1st April, 2019 and ending on 30th June, 2019 shall remain unchanged from those notified for the fourth quarter of financial year 2018-19.
2. This has the approval of Finance Minister.
(Akhilesh Kumar Misra))
Director
Tele : 01123092744
Rates from 1st April, 2019 and ending on 30th June, 2019 shall be as follows:-
| Instructions | Rate of interest w.e.f. 01.04.2019 to 30.06.2019 | Compounding Frequency* |
| Saving Deposit | 4.0 | Annually |
| 1 Year Time Deposit | 7.0 | Quarterly |
| 2 Year Time Deposit | Quarterly | |
| 3 Year Time Deposit | Quarterly | |
| 5 Year Time Deposit | 7.8 | Quarterly |
| 5 Year Recurring Deposit | 7.3 | Quarterly |
| 5 Year Senior Citizen Savings Scheme | 8.7 | Quarterly and Paid |
| 5 Year Monthly Income Account | 7.7 | Monthly and paid |
| 5 Year National Savings Certificate | 8.0 | Annually |
| Publilc Provident Fund Scheme | 8.0 | Annually |
| Kisan Vikas Patra | 7.7 (will mature in 112 months) | Annually |
| Sukanya Samriddhi Account Scheme | 8.5 | Annually |
Sir
I am 40 year old and My mother is 70 year old and annual 650000/- pension revived by rajasthan govt. my mother no ppf a/c but in SBI Bank my PPF is open.
my mother invest Rs. 150000/- in my (Deepak Bansal) ppf a/c in F.Y. 2019-20 by bank. so u/s 80-C rules this investment is my mother ITR or My (Deepak) ITR F.Y. 2019-20.
it is good that the interest rate for S C S S has been kept at 8.7% for the April – June 2019 quarter ; with fanfare P M announced P M V V Y exclusively for Senior Citizen pension
scheme , @ 8% p. a. payable monthly also ;
which is very low ; why not increase the interest rate for this also @ 8.7% and made applicable with i immediate effect even for those who have already invested in P M V V Y
earlier .
Under senior citizens saving scheme 2004 SBI has paid interest during December, and March quarter @8.30percent instead of 8.70 percent.