Government of India
Ministry of Finance
Department of Economic Affairs
North Block, New Delhi Dated: 30.06.2017
Subject: Revision of interest rates for Small Savings Schemes.
The undersigned is directed to refer to this Department’s 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.
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 second quarter of financial year 2017-18 starting 1st July, 2017, and ending on 30th September, 2017, on the basis of the interest compounding / payment built-in in the schemes, shall be as under:
|Instrument||Rate of interest w.r.t. 01.04.2017
|Rate of interest w.r.t. 01.07.2017 to 30.09.2017||Compounding frequency*|
|Savings Deposit||4.0||4.0||Annually Quarterly|
|1 Year Time Deposit||6.9||6.8|
|2 Year Time Deposit||7.0||6.9||Quarterly Quarterly|
|3 Year Time Deposit||7.2||7.1|
|5 Year Time Deposit||7.7||7.6||Quarterly Quarterly|
|5 Year Recurring Deposit||7.2||7.1|
|5 Year Senior Citizen
|8.4||8.3||Quarterly and paid|
|5 Year Monthly Income Account||7.6||7.5||Monthly and paid|
|5 Year National Savings Certificate||7.9||7.8||Annually|
|Public Provident Fund
|Kisan Vikas Patra||7.6 (will mature in 113 months)||7.5 (will mature in 115 months)||Annually|
* No Change
3. This has the approval of Finance Minister.
Tele – 01123 95019