Revision of interest rates for National (Small) Savings Schemes w.e.f. 01 Oct 2020: SB Order No. 33/2020
SB Order No. 33/2020
e.F.No 113-03/2017-SB(Pt.1)
Govt. of India
Ministry of Communications
Department of Posts
(FS. Division)
Dak Bhawan, New Delhi-110001
Dated: 01.10.2020
To,
All Head of Circles/Regions
Subject : Revision of interest rates for National (Small) Savings Schemes w.e.f. 01.10.2020
Sir/Madam,
The undersigned is directed to say that vide memorandum No. 01/04/2019-NS dated 30.09.2020 (copy enclosed), Govt. of India, Ministry of Finance, Department of Economic Affairs (Budget Division) have informed that the rate of interest on various Small Savings Schemes (National Savings Schemes) for the third quarter of financial year 2020-21 (starting from 1st October, 2020 and ending on 31st December, 2020) shall remain unchanged from those notified for the second quarter of Financial Year 2020-21 (01st July, 2020 to 30th September, 2020). The details are indicated below for ready reference.
| Sl. No. | Instruments | Rate of interest w.e.f. 01.07.2020 to 30.09.2020 | Rate of interest w.e.f 01.10.2020 to 31.12.2020 (Unchanged) | Compounding Frequency* |
| 01. | Post Office Savings Account | 4.0 | 4.0 | Annually |
| 02. | 1 Year Time Deposit | 5.5 | 5.5 | Quarterly |
| 03. | 2 Year Time Deposit | 5.5 | 5.5 | Quarterly |
| 04. | 3 Year Time Deposit | 5.5 | 5.5 | Quarterly |
| 05. | 5 Year Time Deposit | 6.7 | 6.7 | Quarterly |
| 06. | 5 Year Recurring Deposit Scheme | 5.8 | 5.8 | Quarterly |
| 07. | Senior Citizen Savings Scheme | 7.4 | 7.4 | Quarterly and Paid |
| 08. | Monthly Income Account | 6.6 | 6.6 | Monthly and paid |
| 09. | National Savings Certificate (VIIIth Issue) | 6.8 | 6.8 | Annually |
| 10. | Public Provident Fund Scheme | 7.1 | 7.1 | Annually |
| 11. | Kisan Vikas Patra | 6.9 (will mature in 124 months) | 6.9 (will mature in 124 months) | Annually |
| 12. | Sukanya Samriddhi Account Scheme | 7.6 | 7.6 | Annually |
2. It is requested to circulate it to all concerned for information and necessary guidance. Same may also be placed on the notice board of all Post Offices in public area.
3. This issues with the approval of Competent Authority.
Yours Faithfully,
(Devendra Sharma)
Assistant Director (SB)
Copy to:-
- Sr. PPS to Secretary (Posts)
- PS to Director General Postal Services.
- PPS/ PS to Addl. DG (Co-ordination)/Member (Banking)/ Member (O)/ Member (P)/ Member (Planning & HRD)/ Member (PLI)/ Member (Tech)/AS & FA
- Addl. Director General, APS, New Delhi
- Chief General Manager, BD Directorate / Parcel Directorate / PLI Directorate
- Sr. Deputy Director General (Vigilance) & CVO) / Sr. Deputy Director General (PAF)
- Director, RAKNPA / GM, CEPT / Directors of all PTCs
- Director General P & T (Audit), Civil Lines, New Delhi
- Secretary, Postal Services Board/ All Deputy Directors General
- All General Managers (Finance) / Directors Postal Accounts / DDAP
- Chief Engineer (Civil), Postal Directorate
- All Sections of Postal Directorate
- All recognized Federations / Unions/ Associations
- GM, CEPT for uploading the order on the India Post website.
- MOF (DEA), NS-II, North Block, New Delhi.
- Joint Director & HOD, ICCW Building, 4 Deendayal Upadhyay Marg, New Delhi-110002
- Guard File
- Spare copies.
F.No.1/4/2019-NS
Government of India
Ministry of Finance
Department of Economic Affairs
(Budget Division)
North Block, New Delhi
Dated: 30.09.2020
Office Memorandum
Subject: Revision of interest rates for Small Savings Schemes — reg.
The rates of interest on various Small Savings Schemes for the third quarter of financial year 2020-21 starting from 1st October, 2020 and ending on 31st December, 2020 shall remain unchanged from those notified for the second quarter (1st July, 2020 to 30th September, 2020) of financial year 2020-21.
2. This issues with the approval of competent authority.
(Hanumaiah K.)
Deputy Secretary(Budget)
Tele — 01123095042
To
- The Finance Secretary, Ministry of Finance Department of Revnue, North Block, New Delhi.
- The Secretary, Department of Financial Services, Jeevan Deep Building, New Delhi.
- The Secretary, Department of Expenditure, North Block, New Delhi.
- The Secretary, Department of Economic Affairs, North Block, New Delhi.
- The Secretary, Department of Posts, Dak Bhawan, Ashoka Road, New Delhi.
- Chief General Manager, Department of Govt. & Bank Accounts, Reserve Bank of India, 4th Floor, Near Maratha Mandir, Byculla, Opposite Mumbai Central Railway Station, Mumbai-400008.
- Reserve Bank of India, Central Account Section, Additional Office Section, East High Court Road, Nagpur —440 001.
- Chief Secretaries of Government of Union Territories/States.
- The Joint Director & HoD, National Savings Institute, 4, Deen Dayal Upadhayaya Marg, New Delhi-110002.
COMMENTS