Government announces the Revision of interest rates for Small Savings Schemes for the Third Quarter of the current Financial Year 2018-19
On the basis of the decision of the Government of India, the interest rates for Small Savings Schemes are to be notified on Quarterly Basis with the approval of the Union Finance Minister. Accordingly, the Rates of Interest on various Small Savings Schemes for the Third Quarter of the Current Financial Year 2018-19 starting 1st October, 2018, and ending on 31st December, 2018 have been announced.
Government of India
Ministry of Finance
Department of Economic Affairs
North Block, New Delhi
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 third quarter of financial year 2018-19 starting 1st October, 2018, and ending on 31st December, 2018, on the basis of the interest compounding / payment built-in in the schemes, shall be as under:
|Instrument||Rate of interest w.r.t. 01.07.2018 to 30.09.2018||Rate of interest w.r.t. 01.10.2018 to 31.12.2018||Compounding frequency*|
|1 Year Time Deposit||6.6||6.9||Quarterly|
|2 Year Time Deposit||6.7||7.0||Quarterly|
|3 Year Time Deposit||6.9||7.2||Quarterly|
|5 Year Time Deposit||7.4||7.8||Quarterly|
|5 Year Recurring Deposit||6.9||7.3||Quarterly|
|5 Year Senior Citizen Savings Scheme||8.3||8.7||Quarterly and paid|
|5 Year Monthly Income Account||7.3||7.7||Monthly and paid|
|5 Year National Savings Certificate||7.6||8.0||Annually|
|Public Provident Fund Scheme||7.6||8.0||Annually|
|Kisan Vikas Patra||7.3 (will mature in 118 months)||7.7 (will mature in 112 months)||Annually|
|Sukanya Samriddhi Account Scheme||8.1||8.5||Annually|
3. This has the approval of Finance Minister.
Sr. Regional Director (NS)
|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 Posts
|4. The Secretary
Department of Financial Services, Jeevan
Parliament Street, New Delhi.
|5. Chief General Manager
Department of Govt. & Bank Accounts
Reserve Bank of India
Central Office, Mumbai.
|6. Reserve Bank of India
Central Account Section
Additional Office Section
East High Court Road
Nagpur – 440 001.
|7. Chief Secretaries of states/UT governments.||8. The Director National Savings Institute, New Delhi.|