Decline in interest rate of PPF and Post Office Fixed Deposits
The Minister of State for Finance Shri.Namo Narain Meena said in the Parliament on 6th August 2013, the interest rates of small savings schemes are revised from 1st April, 2013 as per the recommendations of the Committee headed by Smt.Shyamala Gopinath, then Deputy Governor, Reserve Bank of India.
Small savings schemes have been benchmarked to G-Sec. yields of equivalent maturity with suitable spread. The committee has recommended that the rates should be reset every 1st April. Based on this principle, the interest rates fixed with effect from 01.04.2013 are annexed herewith.
Rate of interest of Small Savings Schemes is reduced from 01.04.2013.
|Deposit Scheme||Rate of Interest|
|1 Year Time Deposit||8.2|
|2 Year Time Deposit||8.2|
|3 Year Time Deposit||8.3|
|5Year Time Deposit||8.4|
|5 Year Recurring Deposit.||8.3|
|5 Year SCSS||9.2|
|5 Year MIS||8.4|
|5 Year NSC||8.5|
|10 Year NSC||8.8|