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Government has decided to effect a reduction of 0.1 percentage points in interest rates across the board in all Small Savings Schemes except the Post Office Savings Account, which has been left untouched.
The Government of India, had vide their Office Memorandum (OM) No.F.No.1/04/2016–NS.II dated December 30, 2016 advised the rate of interest on various small savings schemes for the fourth quarter of the financial year 2016-17 (copy enclosed).
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,
Before the previous last RBI meet, there was an increased expectation of rate cuts by RBI as a measure of providing impetus to the economy after a demonstration. That RBI maintaining status quo on repo rates at 6.25% is a negative thing for most people but senior citizens in India. Citing increased liquidity available and […]
The interest rates of Public Provident Fund (PPF), Kisan Vikas Patra (KVP), Senior Citizens Savings Scheme, 2004 (SCSS 2004), and Sukanya Samriddhi Account (the Girl Child Scheme) were reduced by 0.10 percentage point for the quarter 01.10.2016 to 31.12.2016, and not 0.10 percentage per annum.
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 2016-17, on the basis of the interest compounding/payment built-in in the schemes, shall be as under:
3(C) A subscriber shall be allowed premature closure of his account or the account of a minor of whom he is a guardian, on a written application to the Accounts Office, on any of the following grounds, namely, (i) that the amount is required for the treatment of serious ailments or life threatening diseases of the account holder, spouse or dependent children or parents, on production of supporting documents from competent medical authority.
Central Government has notified revised Interest Rate for the perios from 01.04.2016 to 30.03.2016 on Small Savings Schemes like PPF, Senior Citizen Savings Scheme, Sukanya Samridhi Scheme and NSC etc. Rates on all schemes been reduced significantly in comparison to existing rate.
There is no change in the existing tax treatment of Public Provident Fund (PPF). Currently there is no monetary ceilings on the employer contribution under EPF with only ceiling being that it would be 12% of the salary of the employee member. Similarly, there is no monetary ceiling on the employer contribution under NPS, except that it would be 10% of salary.
So the finance Minister has ultimately decided to give level playing field in respect of pension products and has proposed withdrawal from employee provident fund balance, created with employee’s contribution made after 1st April 2016, taxable to the extent of 60% and 40% exempt. In my opinion these provisions have either been drafted in a hurry or have deliberately been made to be unjust to salaried people. I have a feeling that the government treats the most honest class of tax payers i.e. salaried as second class citizens. Here is why I feel so.
