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.
You may like: When will 11th bipartite settlement be completed (see past trend)
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 30.09.16 | Rate of Interest 01.10.16 to 31.12.16 | Compounding Frequency | |
| Saving Deposit | 4.00 | 4.00 | Annualy |
| 1 Year Time Deposit | 7.10 | 7.00 | Annualy |
| 2 Year Time Deposit | 7.20 | 7.10 | Quarterly |
| 3 Year Time Deposit | 7.40 | 7.30 | Quarterly |
| 5 Year Time Deposit | 7.90 | 7.80 | Quarterly |
| 5 Year Recurring Deposit | 7.40 | 7.30 | Quarterly |
| 5 Year Senior Citizen Savings Scheme | 8.60 | 8.50 | Quarterly & Paid |
| 5 Year Monthly Income Account Scheme | 7.80 | 7.70 | Monthly & Paid |
| 5 Year National Savings Certificate | 8.10 | 8.00 | Annually |
| Public Provident Fund Scheme | 8.10 | 8.00 | Annually |
| Kisan Vikas Patra | 7.80 (will mature in 110 months) | 7.70 (will mature in 112 months) | Annually |
| Sukanya Samridhi Account Scheme | 8.60 | 8.50 | Annually |
As per AIBOC Circular dated 13.09.2023, the officers’ associations today, submitted a Supplementary Charter of…
Wage revision for bankers is due since November 2022, which is to be finalized through…
DA for Bankers is expected to increase for the quarter May 2023 to July 2023.…
If you're a banker, you know that staying up-to-date on industry trends and best practices…
DA for Bankers is increased for the quarter February 2023 to April 2023. CPI data…
12 Bipartite Settlement for revision of bank employees' salary and service conditions is due from…