Reserve Bank of India
RBI/2011-12/483
DGBA.CDD. No. H- 6506 /15.02.001/2011-12,
Dated- April 3, 2012
Dear Sir/Madam,
Public Provident Fund Scheme, 1968 (PPF, 1968) and Senior Citizens Savings Scheme, 2004 (SCSS, 2004) – Revision of interest rates
Please refer to our circular RBI/2011-12/359 dated January 20, 2012 regarding interest rates on small savings schemes, wherein it was indicated that as per Government’s decision on revision of interest on small savings schemes, the interest rates on various small savings schemes for every financial year will be notified by the Government before April 01st of that year.
2. The Government of India have vide their Office Memorandum (OM) No. 6-1/2011-NS.II (Pt.) dated March 26, 2012, advised the rate of interest on various small savings schemes for the financial year 2012-13. Accordingly, the rates of interest on PPF, 1968 and SCSS, 2004 for the financial year 2012-13 effective from April 01, 2012, on the basis of the interest compounding/payment built-in in the schemes, will be as under:
|
Scheme |
Rate of interest w.e.f. 01.12.2011 |
Rate of interest w.e.f. 01.04.2012 |
|
5 year SCSS, 2004 |
9.0% p.a |
9.3% p.a |
|
PPF, 1968 |
8.6% p.a |
8.8% p.a |
3. The contents of this circular may be brought to the notice of the branches of your bank operating the PPF, 1968 and SCSS, 2004 schemes. These should also be displayed on the notice boards of your branches for information of the PPF, 1968 and SCSS, 2004 subscribers.
Yours faithfully,
(Sangeeta Lalwani)
Deputy General Manager
Would already opened SCSS account holders be eligible for revised rate of 9.3 percent wef 1-4-2012.
If answer is no then how reduced interest rate of 7.5 from 11.0 for NSS- 87 in 2003 was forced on old acctt holders by the Central Govt.
Since the rate hikes announced are aginst the specific schemes , PPF 1968 and SCSS 04
existing subscribers also should get benefit of increased interest rates.
While the increase in rates for PPF a/cs will also be applicable to existing accounts, would SCSS accounts already opened be eligible for the new rates w e f 1.4.2012?