No.6-1.2011-NS.II(Pt.)
Ministry of Finance
Department of Economic Affairs
(Budget Division)
New Delhi, the 26th March, 2012
OFFICE MEMORANDUM
Sub: Revision of interest rates for small savings schemes.
The undersigned is directed to refer
to Ministry of Finance's O.M. of even number dated 11th November, 2011,
vide which the various decisions taken by the Government on the
recommendations of the Shyamala Gopinath Committee for Comprehensive
Review of National Small Savings Fund (NSSF), were communicated to all
concerned.
2. One of the
decisions of the Government based on the recommendations of the
Committee relates to revision of interest rates every financial year, to
be notified before 1st April of that year. Accordingly, the rates of
interest on various small savings schemes for the financial year 2012-13
effective from 1.4.2012, on the basis of the interest
compounding/payment built-in the schemes, shall be as under:
| Scheme | Rate of Interest w.e.f. 1.12.2011 | Rate of Interest w.e.f. 1.4.2012 |
|---|---|---|
| Savings Deposit |
4.0
|
4.0
|
| 1 year Time Deposit |
7.7
|
8.2
|
2 year Time Deposit
|
7.8
|
8.3
|
3 year Time Deposit
|
8.0
|
8.4
|
5 year Time Deposit
|
8.3
|
8.5
|
5 year Recurring Deposit
|
8.0
|
8.4
|
5 year SCSS
|
9.0
|
9.3
|
5 year MIS
|
8.2
|
8.5
|
5 year NSC
|
8.4
|
8.6
|
10 year NSC
|
8.7
|
8.9
|
PPF
|
8.6
|
8.8
|
3. Necessary notifications, including those requiring amendments to rules of small savings schemes will be notified separately.
4. This has the approval of Finance Minister.
sd/-
(Shaktikanta Das)
Addl. Secretary to the Govt. of India
Source: www.finmin.nic.in
http://finmin.nic.in/the_ministry/dept_eco_affairs/budget/InterestRate_SmallSaving_26032012.pdf
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