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Your email address will not be published.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

Finance Minister announces short term and long-term measures for supporting the poor, including migrants, farmers, tiny businesses and street vendors

Hon’ble Prime Minister announced a Special economic and comprehensive package of Rs 20 lakh Crore ...

Finance Minister announce measures for relief and credit support related to businesses, especially MSMEs to support Indian Economy’s fight against COVID-19

During the press conference here today, Union Minister of Finance & Corporate Affairs Smt. NirmalaSitharaman ...

Task Force on National Infrastructure Pipeline presents its Final Report to Finance Minister Smt. Nirmala Sitharaman

The Task Force on National Infrastructure Pipeline (NIP) submitted its Final Report on NIP for FY ...

E-mails for facilitating faster refund can not be misconstrued as harassment: CBDT

The Central Board of Direct Taxes (CBDT) responding to some observations being circulated on social ...

RBI Allowed Banks to Declare Moratorium on Term Loans

Last week, the Reserve Bank of India has allowed Banks to declare a three-month moratorium ...

Exchange Rate Notification

In exercise of the powers conferred by section 14 of the Customs Act, 1962 (52 ...

100 more Airports to be developed by 2024 to support UDAAN Scheme

Union budget proposes Rs. 22000 Crore for Power and Renewable Energy sector in Current FY ...

Finance Minister  releases Report of the Task Force on National Infrastructure Pipeline for 2019-2025

To achieve the GDP of $5 trillion by 2024-25, India needs to spend about $1.4 ...

Corporate tax rates slashed to 22% for domestic companies and 15% for new domestic manufacturing companies and other fiscal reliefs

The Government has brought in the Taxation Laws (Amendment) Ordinance 2019 to make certain amendments ...

CBDT issues clarification on eligibility of small Start-ups to avail tax holiday 

The Central Board of Direct Taxes (CBDT) has clarified today that small start-ups with turnover ...

WP2Social Auto Publish Powered By : XYZScripts.com