Government of India
Ministry of Finance
Department of Economic Affairs
North Block, New Delhi Dated: December 30, 2016
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.
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
|Rate of interest w.e.f. 01.01.2017
|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
|5 Year Senior Citizens Savings Scheme||8.5||8.5|
|5 year Monthly Income Account Scheme||7.7||7.7||Monthly and
|5 Year National Savings
|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|
3. This has the approval of Finance Minister.
|1. The Secretary.
Department of Expenditure North Block
|2. The Secretary,
Department of Revenue
North Block New Delhi.
|3. The Secretary,
Department of Economic Affairs North Block
|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
|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.