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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:
On the basis of the decisions of the Government, interest rates for small savings schemes are to be notified on quarterly 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 :
(i) Sukanya Samriddhi Account can be opened by:- (a) The natural or legal guardian in the name of a girl child who has not attained the age of ten years on the date of opening of the Account and in the name of girl child who has born on or after 2.12.2003. the Account may be opened till one year from the date of the original Notification of the Sukanya Samriddhi Account rules i.e.upto 2.12.2015.
In the Sukanya Samriddhi Account Rules, 2014, in rule 7, in sub-rule (1), after first proviso, the following proviso shall be inserted, namely:-Provided that in the case of a deposit made under these rules on or after the 1st day of April, 2016, it shall bear at the rate of 8.6 per cent per annum from the date of deposit.
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.
Sukanya Samridhi Account may be opened by the guardian in the name of a beneficiary who has not attained the age of ten years as on the date of opening of the Account:
Interest Rates of Small Saving Schemes to be recalibrated w.e.f. 1.4.2016 on a Quarterly Basis to align the small saving interest rates with the market rates of the relevant Government securities
In case of a deposit in Sukanya Samriddhi Account on or after the 1st day of April, 2015, it shall bear at the rate of 9.2 per cent. per annum from the date of deposit.
The Government of India have vide their Office Memorandum (OM) No.6/01/2011-NS.II dated March 31, 2015, advised the rate of interest on various small savings schemes for the financial year 2015-16. Accordingly, the rates of interest on PPF 1968, SCSS 2004, Kisan Vikas Patra & Sukanya Samriddhi Account Scheme for the financial year 2015-16, effective from April 01, 2015, on the basis of the interest compounding/payment built-in in the schemes, will be as under:
Office Memorandum (OM) No.6/01/2011-NS.II dated March 31, 2015 Government Announces Interest Rates for Various Small Savings Schemes; Rates to Come Into Force with Effect from Tomorrow It was decided by the Government of India that interest rates on Small savings Schemes will be linked to yields on government securities of comparable maturity. In pursuance of […]
