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The revised Rates of Interest on various Small Savings Schemes Including Saving Deposits, Public Provident Fund, Kisan Vikas Patra and Sukanya Samriddhi Accounts Scheme for the 4th Quarter of financial year 2017-18 is as below:
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.
(a) ‘Aadhaar number’ means an identification number as defined in clause (a) of section 2 of the Aadhaar (Targeted Delivery of Financial and Other Subsidies, Benefits and Services) Act, 2016 (18 of 2016); (aa) ‘Account’ means a Savings Account, a Recurring Deposit Account, a Time deposit Account, Monthly Income Scheme Account, Sukanya Samriddhi Account or Senior Citizens Savings Account;”
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,
Government is continuously monitoring the progress of Sukanya Samriddhi Account Scheme. It was launched on 2nd December, 2014 and since then the number of accounts opened under this scheme have been showing upward trend and 99,96,085 accounts have been reported opened till 31st October, 2016 and Rs. 9455.30 crore have been deposited under this scheme.
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.
Subscribers of small scheme may not be allowed to deposit old demonetised currency notes of Rs. 500 and Rs. 1000, in Small Saving Schemes.
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 2016-17 starting on 1st October, 2016 and ending on 31st December, 2016
