Thought for Today, 30 th January 2019

An error does not become truth by reason of multiplied propogation nor does truth becomes error because nobody sees it.Truth stands, even if there be no public suppport.It is self sustained.

Mahatma Gandhi

Monday, March 26, 2012

Government increases interest rates on PPF and small savings

The Finance Ministry (Budget Division) has issued an Office Memorandum O.M.No: 6-1/2011-NS.II (Pt) dated 26.03.2012 for revision of Interest Rates for various small saving schemes operated mainly through post offices and PPF.
Based on the recommendations of Shyamala Gopinath Committee for comprehensive review of National Small Savings Fund (NSSF), Government had earlier taken the decision that interest rates of various small savings shall be reviewed every financial year and revsions in the same to be notified before 1st of April of that year.
Accordingly the present revision in the interest rates of various small saving scheme has been made. The following table provides the revision made:
SchemeInterest Rate w.e.f 1.12.2011Interest Rate w.e.f 1.4.2012
Savings Deposit4.04.0
1 year Time Deposit7.78.2
2 year Time Deposit7.88.3
3 year Time Deposit8.08.4
5 year Time Deposit8.38.5
5 year recurring deposit8.08.4
5 year SCSS9.09.3
5 year MIS8.28.5
5 year NSC8.48.6
10 year NSC8.78.9