Revision of Interest rate for Small Savings Schemes – 1st quarter of 2020- 21 from 1st April , 2020 to 30th June, 2020
F.No.1/4/2019-NS
Government of India Ministry of Finance
Department of Economic Affairs
(Budget Division)
North Block, New Delhi
Dated: 31.03.2020
OFFICE MEMORANDUM
Subject: Revision of interest rates for Small Savings Schemes – reg.
In exercise of the powers conferred by Rule 9( 1) of the Government Saving Promotion General Rules, 201 8, the rates of interest on various Small Savings Schemes for the first quarter of financial year 2020- 21 starting from 1st April , 2020 and ending on 30th June, 2020 have been revised as indicated below:
|
Instruments |
Rate of interest from 01.01.2020 to 31.03.2020 | Rate of interest from 01.04.2020 to 30.06.2020 | Compounding frequency* |
| Savings Deposit | 4.0 | 4.0 | Annually |
| 1 Year Time Deposit | 6.9 | 5.5 | Quarterly |
| 2 Year Time Deposit | 6.9 | 5.5 | Quarterly |
| 3 Year Time Deposit | 6.9 | 5.5 | Quarterly |
| 5 Year Time Deposit | 7.7 | 6.7 | Quarterly |
| 5 Year Recurring Deposit | 7.2 | 5.8 | Quarterly |
| Senior Citizen Savings Scheme | 8.6 | 7.4 | Quarterly and paid |
| Monthly Income Account | 7.6 | 6.6 | Monthl y and paid |
| National Savings Certificate | 7.9 | 6.8 | Annually |
| Public Provident Fund Scheme | 7.9 | 7.1 | Annually |
| Kisan Vikas Patra | 7.6 (will mature in 1 13 months) | 6.9 (will mature in 124 months) | Annually |
| Sukanya Samriddhi Account Scheme | 8.4 | 7.6 | Annually |
2. This has the approval of Finance
Sd/-
(Rajesh Panwar)
Dy. Director (Budget)
To,
- FS & Secretary (Department of Revenue), North Block , New Delhi .
- The Secretary , Department of Economic Affairs, North Block, New
- The Secretary, Department of Financial Services, Jeevan Deep Building, Parliament Street, New Delhi .
- 4. The Secretary, Department of Expenditure , North Block, New Delhi .
- The Secretary, Department of Posts, Dak Bhawan, New Delhi.
- The JD & HoD, National Savings Institute, New
- The Chief General Manager, Department of & Bank Accounts, Reserve Bank of India, Central Office, Mumbai.
- Reserve Bank of India, Central Account Section, Additional Office Section, East High Court Road, Nagpur- 440
- Chief Secretaries of State/UT
COMMENTS