Department of Post periodically revied their interest rates of Small savings schemes. This is divided by four quarter in a financial year. This is The Revised Interest Rate Of POSB Scheme w.e.f July 2019. Check the Office Memorandum below.
Government of India
Ministry of Finance
Department of Economic Affairs
North Block, New Delhi
Subject: Revision of interest rates for Small Savings Schemes.
The undersigned is directed to refer to this Department’s OM of even number dated 16th February 2016, vide which the various decision was taken by the Government regarding interest fixation for small savings schemes were communicated to all concern.
2. On the basis of the decision of the Government, interest rates for small savings are to be notified on quarterly basis Accordingly, the rates of interest on various small savings scheme for the second quarter of financial year 2019-20 starting 1st July 2019, and ending on 30th September, 2019 on the basis of the interest compounding/payment build in the schemes, shall be as under:
|Sl. No.||instruments||Rate of interest w.e.f .01 .10.2018 to 31.12.2O18||Rate of interest w.e.f 01.01.20’19 to 31 .03.2019||Compounding Frequency|
|02||1 Year Time Deposit||7.0||6.9||Quarterly|
|03||2 Year Time Deposit||7.0||6.9||Quarterly|
|04||3 Year Time Deposit||7.0||6.9||Quarterly|
|05||5 Year Time Deposit||7.8||7.7||Quarterly|
|06||5 Year Recurring Deposit||7.3||7.2||Quarterly|
|07||5 Year Senior Citizen Account Scheme||8.7||8.6||Quarterly and Paid|
|08||5 Year Monthly Income Account||7.7||7.6||Monthly and Paid|
|09||5 Year National Savings Certificate||8.0||7.9||Annually|
|10||Public Provident Fund Scheme||8.0||7.9||Annually|
|11||Kisan Vikas Patra||7.7 (will mature in 112 month)||7.6 (will mature in 113 month)||Annually|
|12||Suknya Samriddhi Account Scheme||8.5||8.4||Annually|
3. This has the approval of finance ministry.
- The Secretory, Department of Expenditure, North Block, New Delhi
- The Secretory, Department of Revenue, North Block, New Delhi
- The Secretory, Department of Post, Dak Bhawan, New Delhi
- The Secretory, Department of Financial Services Jeevan Deep Building, Parliament Street, New Delhi
- The Director, National Savings Institute, New Delhi
- Chief General Manager, Department of Govt and Bank Accounts, Reserve Bank of India, Central Office, Mumbai
- Reserve Bank of India, Central Accounts Section, Additional Accounts Section, East High Court Road, Nagpur-44000
- Chief Secretaries of States/UT Government