Home » News » Banking & Finance » Government announces the Revision of interest rates for Small Savings Schemes for the Third Quarter of the current Financial Year 2018-19 

Government announces the Revision of interest rates for Small Savings Schemes for the Third Quarter of the current Financial Year 2018-19 

On the basis of the decision of the Government of India, the interest rates for Small Savings Schemes are to be notified on Quarterly Basis with the approval of the Union Finance Minister. Accordingly, the Rates of Interest on various Small Savings Schemes for the Third Quarter of the Current Financial Year 2018-19 starting 1st October, 2018, and ending on 31st December, 2018 have been announced. The Rates of Intereston the basis of the interest compounding/payment built-in in the Schemes, shall be as under:

 

Instrument Rate of interest w.r.t. 01.07.2018 to 30.09.2018 Rate of interest w.r.t. 01.10.2018 to 31.12.2018 Compounding frequency*
Savings Deposit 4.0 4.0 Annually
1 Year Time Deposit 6.6 6.9 Quarterly
2 Year Time Deposit 6.7 7.0 Quarterly
3 Year Time Deposit 6.9 7.2 Quarterly
5 Year Time Deposit 7.4 7.8 Quarterly
5 Year Recurring Deposit 6.9 7.3 Quarterly
5 Year Senior Citizen Savings Scheme 8.3 8.7 Quarterly and paid
5 Year Monthly Income Account 7.3 7.7 Monthly and paid
5 Year National Savings Certificate 7.6 8.0 Annually
Public Provident Fund Scheme 7.6 8.0 Annually
KisanVikasPatra 7.3 (will mature in 118 months) 7.7 (will mature in 112 months) Annually
SukanyaSamriddhi Account Scheme 8.1 8.5 Annually

* No Change

About Indianindustry Media

Leave a Reply

Your email address will not be published. Required fields are marked *

*

x

Check Also

Advance Estimates of GDP of 2020-21 released by National Statistics Office

The National Statistics Office (NSO) released today the first Advance Estimates (AE) of GDP for ...

Two more States – Kerala and West Bengal choose Option-1 to meet the GST implementation shortfall

Governments of Kerala and West Bengal have communicated their acceptance of Option-1 to meet the ...

Finance Minister announces measures on AatmaNirbhar Bharat 3.0

Union Minister for Finance & Corporate Affairs Smt. Nirmala Sitharaman has announced 12 key measures, ...

Tariff Notification No. 100/2020-Customs (N.T.) in respect of Fixation of Tariff Value of Edible Oils, Brass Scrap, Poppy Seeds, Areca Nut, Gold and Silver

In exercise of the powers conferred by sub-section (2) of section 14 of the Customs ...

Banking facilities in rural areas

To ensure availability of banking outlet (Bank branch/Business Correspondent (BC), within 5 kilometers of all ...

The Fifteenth Finance Commission hold discussions with its Economic Advisory Council

The Fifteenth Finance Commission (XVFC) had an online meeting with its Advisory Council and other ...

Monthly Review of Accounts of Union Government of India upto the month of July, 2020 for the Financial Year 2020-21

The Monthly Account of the Union Government of India upto the month of July, 2020 ...

India will play a leading role in the future global political framework in terms of economy and Disaster Risk Management:Nityanand Rai

  The Union Minister of State for Home Affairs, Shri Nityanand Rai has said that ...

Structural Reforms are a Key Priority of the Government: Finance Minister

Addressing the captains of the Indian Industry, Union Minister of Finance and Corporate Affairs, Smt. ...

Government of India and AIIB sign agreement for $500 million to improve the network capacity, service quality and safety of the suburban railway system in Mumbai

The Government of India, the Government of Maharashtra, Mumbai Railway Vikas Corporation and the Asian ...

WP2Social Auto Publish Powered By : XYZScripts.com