The Ministry of Finance has
revised the interest rates for the Small Saving Schemes vide Memorandum dated
September 29, 2016. As per the decision of the government interest rates for small
savings schemes are to be notified on quarterly basis. According the rates have
been revised for the third quarter starting from 1st October, 2016
and ending on 31st December, 2016 for financial year 2016-2017. The
rate of interest of the instrument are as under:
|
Instrument
|
Rate of interest w.e.f.
01.07.2016 to 30.09.2016
|
Rate of interest w.e.f.
01.10.2016 to 31.12.2016
|
Compounding frequency*
|
|
Savings deposit
|
4.0
|
4.0
|
Annually
|
|
1 Year Time Deposit
|
7.1
|
7.0
|
Quarterly
|
|
2 Year Time Deposit
|
7.2
|
7.1
|
Quarterly
|
|
3 Year Time Deposit
|
7.4
|
7.3
|
Quarterly
|
|
5 Year Time Deposit
|
7.9
|
7.8
|
Quarterly
|
|
5 Year Recurring Deposit
|
7.4
|
7.3
|
Quarterly
|
|
5 Year Senior Citizen Savings Scheme
|
8.6
|
8.5
|
Quarterly and paid
|
|
5 Year Monthly Income Account Scheme
|
7.8
|
7.7
|
Monthly and paid
|
|
5 Year National Savings Certificate
|
8.1
|
8.0
|
Annually
|
|
Public Provident Fund Scheme
|
8.1
|
8.0
|
Annually
|
|
Kisan Vikas Patra
|
7.8 (will mature in 110 months)
|
7.7 (will mature in 112 months)
|
Annually
|
|
Sukanya Samriddhi Account Scheme
|
8.6
|
8.5
|
Annually
|
This has been approved by the Finance Minister.
For notification click here.
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