Revised Interest rates for Small Savings Schemes from 1st July 2020 to 30th September 2020, starting from lst July, 2020 and ending on 30rd September, 2020) shall remain unchanged from those notified for the first quarter of Financial Year 2020-21 (01st 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 : 30.06.2020
OFFICE MEMORANDUM
Subject : Revision of interest rates for Small Savings Schemes – reg.
The rates of interest on various Small Savings Schemes for the second quarter of financial year 2020-21 starting from 1st July, 2020 and ending on 30th September, 2020 shall remain unchanged from those notified for the first quarter (1st April, 2020 to 30th April 2020 of financial year 2020-21.
2 This issues with the approval of competent authority
View: Online GPF Module in Merged DOOs and PAOs: CGA OM
(Rajesh Panwar)
Dy. Director (NS)
Interest rates for Small Savings Schemes from July 2020 to September 2020
| Instruments | Rate of interest from 01.04.2020 to 30.06.2020 | Rate of interest from 01.07.2020 to 30.09.2020 |
Compounding frequency* |
|---|---|---|---|
| Savings Deposit | 4.0 | 4.0 | Annually |
| 1 Year Time Deposit | 5.5 | 5.5 | Quarterly |
| 2 Year Time Deposit | 5.5 | 5.5 | Quarterly |
| 3 Year Time Deposit | 5.5 | 5.5 | Quarterly |
| 5 Year Time Deposit | 6.7 | 6.7 | Quarterly |
| 5 Year Recurring Deposit | 5.8 | 5.8 | Quarterly |
| Senior Citizen Savings Scheme | 7.4 | 7.4 | Quarterly and paid |
| Monthly Income Account | 6.6 | 6.6 | Monthly and paid |
| National Savings Certificate | 6.8 | 6.8 | Annually |
| Public Provident Fund Scheme | 6.8 | 6.8 | Annually |
| Kisan Vikas Patra | 6.9 (will mature in 124 months) | 6.9 (will mature in 124 months) | Annually |
| Sukanya Samriddhi Account Scheme | 7.6 | 7.6 | Annually |
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Source: [http://utilities.cept.gov.in/dop/pdfbind.ashx?id=4617]
COMMENTS
The order revising the interest rates issued on 30-6-20 require correction.Last sentence in the order should be from 1-4-20 to 30-6-20 and not from 1-4-20 to 30-4-20.Hope dept of economics affairs issue correction order with immediate effect.