F.No.01/04/2016-NS
Government of India
Ministry of Finance
Department of Economic Affairs
(Budget Division)
North Block New Delhi
Dated: 27.12.2017
Office Memorandum
Subject: Revision of interest rates for Small Savings Scheme.
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 fission (or small savings schemes were communicated to all concerned.
2. On the basis of the decision of the Government. interest rates for small savings schemes arc to be notified on quarterly basis. Accordingly, the rates of interest on various small savings schemes for the fourth quarter of financial year 2017-18 starting 1st January, 2018 and ending on 31st March, 2018, on the basis of the interest compounding payment built-in in the schemes, shall he as under.
| Instrument | Rate interest w.r.t. 01.10.2017 to 31.12.2017 | Rate of Interest w.r.t. 01.01.2018 to 31.03.2818 | Compounding frequency* |
|---|---|---|---|
| Savings Deposit | 4.0 | 4.0 | Annually |
| I Year Time Deposit | 6.8 | 6.6 | Quarterly |
| 2 Year Time Deposit | 6.9 | 6.7 | Quarterly |
| 3 Year Time Deposit | 7.1 | 6.9 | Quarterly |
| 5 Year Time Deposit | 7.6 | 7.4 | Quarterly |
| 5 Year Recurring Deposit | 7.1 | 6.9 | Quarterly |
| 5 Year Senior Citizen Savings Scheme | 8.3 | 8.3 | and paid Quarterly |
| 5 Year Monthly Income Account | 7.5 | 7.3 | Monthly and paid |
| 5 Year National Savings Certificate | 7.8 | 7.6 | Annually |
| Public Provident Fund Scheme | 7.8 | 7.6 | Annually |
| Kisan Vikas Petra | 7.5 (will mature in 115 months) | 7.3 (will mature In 118 months) | Annually |
| Sukanya Somriddhl Account Scheme | 8.3 | 8.1 | Annually |
* No Change
3. This has the approval of Finance Minister.
(Padam Singh)
Regional Director (Sr.)
Tele – 0112395155
Poor Villagers. They are hard hit
Dear Sir,
We noticed that the year of commencement of Interest rates for different deposits from 01.01.2018 to 31.04.2018.
But, you have mentioned 31.03.2818. pl. change immediately.