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Rate of interest on various small savings schemes for the financial year 2015-16 - All About Finance

Rate of interest on various small savings schemes for the financial year 2015-16

by

RBI/2014-15/536
IDMD(DGBA).CDD.No.4521/15.02.001/2014-15

April 01, 2015

The Chairman and Managing Director/Managing Director
Head Office, Government Accounts Department
State Bank of India/State Bank of Patiala/
State Bank of Bikaner & Jaipur/State Bank of Travancore/ 
State Bank of Hyderabad/State Bank of Mysore/ Andhra Bank/ 
Allahabad Bank/Bank of Baroda/Bank of India/Punjab & Sind Bank/
Bank of Maharashtra/Canara Bank/Central Bank of India/Corporation Bank/
Dena Bank/Indian Bank/Indian Overseas Bank/Punjab National Bank/Vijaya Bank/
Syndicate Bank/UCO Bank/Oriental Bank of Commerce/Union Bank of India/
United Bank of India/HDFC Bank Ltd./Axis Bank Ltd./IDBI Bank Ltd./ICICI Bank Ltd.

Madam/Dear Sir,

Revision of interest rates for Small Savings Schemes

Please refer to our circular RBI/2011-12/359 dated January 20, 2012 regarding interest rates on small savings schemes, wherein it was indicated that as per Government’s decision on revision of interest on small savings schemes, the interest rates on various small savings schemes for every financial year will be notified by the Government before April 01st of that year.

2.  The Government of India have vide their Office Memorandum (OM) No.6/01/2011-NS.II dated March 31, 2015, advised the rate of interest on various small savings schemes for the financial year 2015-16. Accordingly, the rates of interest on PPF 1968, SCSS 2004, Kisan Vikas Patra & Sukanya Samriddhi Account Scheme for the financial year 2015-16, effective from April 01, 2015, on the basis of the interest compounding/payment built-in in the schemes, will be as under:

Scheme Rate of Interest w.e.f. 01.04.2014 Rate of Interest w.e.f. 01.04.2015
5 year SCSS, 2004 9.2% p.a 9.3% p.a
PPF, 1968 8.7% p.a 8.7% p.a
Kisan Vikas Patra 8.7% p.a 8.7% p.a
Sukanya Samriddhi Account Scheme 9.1% p.a 9.2% p.a

3.  The contents of this circular may be brought to the notice of the branches of your bank operating the PPF 1968, SCSS 2004, Kisan Vikas Patra & Sukanya Samriddhi Account Schemes. These should also be displayed on the notice boards of your branches for information of the subscribers to these Schemes.

Yours faithfully

(Shrikant Hamine)
Manager

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