On 1st December 2011, Government had aligned interest rates on small savings schemes such as PPF, NSC, etc with rates of Government securities. Further the rates were to be reset in April month every year based on market rates prevailing at that point of time.
On 26th March, Government has announced rates on such schemes which shall be applicable from 1st April 2012 till 31st March 2013. Rates for all the schemes, except for savings deposits, have been increased between 20 basis points to 50 basis points. 100 basis points is one percentage.
The table below compares the existing rate of interest with the new rates.
*SCSS is Senior citizen savings schemes.
For more details about these schemes and changes made therein last year, click on this link.
On 26th March, Government has announced rates on such schemes which shall be applicable from 1st April 2012 till 31st March 2013. Rates for all the schemes, except for savings deposits, have been increased between 20 basis points to 50 basis points. 100 basis points is one percentage.
The table below compares the existing rate of interest with the new rates.
Scheme
|
Existing interest rate
|
Interest rate w.e.f 1st April
2012
|
Savings Deposits
|
4.0
|
4.0
|
1 Year Time Deposit
|
7.7
|
8.2
|
2 Year Time Deposit
|
7.8
|
8.3
|
3 Year Time Deposit
|
8.0
|
8.4
|
5 Year Time Deposit
|
8.3
|
8.5
|
5 Year Recurring Deposit
|
8.0
|
8.4
|
5 Year SCSS*
|
9.0
|
9.3
|
5 Year MIS
|
8.2
|
8.5
|
5 Year NSC
|
8.4
|
8.6
|
10 Year NSC
|
8.7
|
8.9
|
PPF
|
8.6
|
8.8
|
*SCSS is Senior citizen savings schemes.
For more details about these schemes and changes made therein last year, click on this link.
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