Interest on PPF & other Small Saving Schemes Decreased

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Interest on PPF has been reduced by 0.10% w.e.f. 1st October 2016 from 8.10% to 8.00%. Besides PFF, rate of Interest on small saving schemes have been decreased by 10 basis points for the third quarter of FY 2016-17 i.e., 1st October 2016 to 31st December 2016.

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In  February 2016, Government of India Decided that rate of interest on small saving schemes shall be announced on quarterly basis instead of the previous system of annual revision.

The revised Rate of interest notified by Ministry of Finance, Government of India the third quarter are as under:

Rate of Interest 01.07.16 to 30.09.16Rate of Interest 01.10.16 to 31.12.16Compounding Frequency
Saving Deposit4.004.00Annualy
1 Year Time Deposit7.107.00Annualy
2 Year Time Deposit7.207.10Quarterly
3 Year Time Deposit7.407.30Quarterly
5 Year Time Deposit7.907.80Quarterly
5 Year Recurring Deposit7.407.30Quarterly
5 Year Senior Citizen Savings Scheme8.608.50Quarterly & Paid
5 Year Monthly Income Account Scheme7.807.70Monthly & Paid
5 Year National Savings Certificate8.108.00Annually
Public Provident Fund Scheme8.108.00Annually
Kisan Vikas Patra7.80 (will mature in 110 months)7.70 (will mature in 112 months)Annually
Sukanya Samridhi Account Scheme8.608.50Annually
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