Friends,
Interest rates on Public Provident Fund,1968 (PPF-1968) and Senior Citizens Savings Scheme, 2004 (SCSS-2004) has been revised w.e.f 01.04.2012. Now onwards the interest rate on Public Provident Fund (PPF) will be 8.8% p.a. instead of 8.6% p.a. and on Senior Citizens Savings Scheme it will be 9.3% p.a. instead of earlier 9.0% p.a. A circular of Revision of Interest Rates on Small Savings Scheme ha been issued by Reserve Bank of India (RBI) vide ciruclar no. DGBA.CDD. NO. H- 6506/15.02.001/2011-12, DATED 3-4-2012. You can read the detailed circular as under :-
SMALL SAVINGS SCHEMES - PUBLIC PROVIDENT FUND SCHEME, 1968 (PPF, 1968) AND SENIOR CITIZENS SAVINGS SCHEME, 2004 (SCSS, 2004) - REVISION OF INTEREST RATES CIRCULAR DGBA.CDD. NO. H- 6506/15.02.001/2011-12, DATED 3-4-2012
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 1st of that year.
The Government of India have vide their Office Memorandum (OM) No. 6-1/2011-NS.II (Pt.), dated March 26, 2012, advised the rate of interest on various small savings schemes for the financial year 2012-13. Accordingly, the rates of interest on PPF, 1968 and SCSS, 2004 for the financial year 2012-13 effective from April 1, 2012, on the basis of the interest compounding/payment built-in in the schemes, will be as under:
Scheme | Rate of Interest w.e.f. 01.12.2011 | Rate of Interest w.e.f. 01.04.2012 |
5 year SCSS, 2004 | 9.0% p.a | 9.3% p.a |
PPF, 1968 | 8.6% p.a | 8.8% p.a |
The contents of this circular may be brought to the notice of the branches of your bank operating the PPF, 1968 and SCSS, 2004 schemes. These should also be displayed on the notice boards of your branches for information of the PPF, 1968 and SCSS, 2004 subscribers.
