Revised Interest Rates (Q3 of 2016-17) on Small Savings (NSC, PPF, KVP, SSAS, SCSS, etc.)

Govt. Notifies Revised / Reduced Interest Rates for Small Savings Schemes (PPF, SCSS, KVP, SSAS, etc.) for 1 Oct. 2016 ~ 31 Dec. 2016 (i.e. Q3 of 2016-17)

On the basis of the decision of the Government, interest rates for small savings schemes are being notified every quarter from this financial year, i.e. 2016-17. Accordingly, the Govt. has notified reduced/ revised interest rates, on various small savings schemes for the third quarters of financial year 2016-17 (i.e. 1 Oct. 2016 ~ 31 Dec. 2016), mostly based on a cut of 0.1% compared to the rates notified for first and second quarters of this financial year.

Summary of the revised rates of interest on various small savings schemes for the first, second and third quarters of financial year 2016-17 (i.e. 1 April 2016 ~ 30 June 2016, 1 July 2016 ~ 30 Sept. 2016 and 1 Oct. 2016 ~ 31 Dec. 2016), on the basis of the interest compounding/ payment built-in in the schemes. is as under:

InstrumentsInterest Rate 2015-16Interest Rate (Q1 & Q2) 2016-17Interest Rate Q3 (2016-17)
Savings Deposit (SD)4.04.04.0
1 Year Time Deposit (TD)8.47.17.0
2 Year Time Deposit (TD)8.47.27.1
3 Year Time Deposit (TD)8.47.47.3
5 Year Time Deposit (TD)8.57.97.8
5 Year Recurring Deposit (RD)8.47.47.3
5 Year Senior Citizens Savings Scheme (SCSS)9.38.68.5
5 year Monthly Income Scheme (MIS)8.47.87.7
5 Year National Savings Certificate (NSC)8.58.18.0
Public Provident Fund (PPF) Scheme8.78.18.0
Kisan Vikas Patra (KVP)8.77.8*7.7**
Sukanya Samriddhi Account Scheme (SSAS)9.28.68.5

* will mature in 110 months ** will mature in 112 months

In short we can say that New/ Revised Interest Rate for third quarter of FY 2016-17 (i.e. 1 Oct. – 31 Dec. 2016) are; Sukanya Samriddhi Scheme (SSA) – 8.5%, Public Provident Fund (PPF) – 8%, Senior Citizen Savings Scheme (SCSS) – 8.5%, Kisan Vikas Patra (KVP) – 7.7%, National Savings Certificate (NSC) – 8%, Post office MIS (Monthly Income Scheme) is 7.7%, Post Office Recurring Deposit (RD) – 7.3%, Savings Deposit – 4% and Post Office Time Deposit – 7.0% to 7.8% based on tenure (as above).

GoI Notification – Revised Interest Rates w.e.f. 1 Apr 2016 on Small Savings

GoI Notification – Revised Interest Rates w.e.f. 1 July 2016 on Small Savings

GoI Notification – Revised Interest Rates w.e.f. 1 Oct. 2016 on Small Savings

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