Small Savings Schemes: No change in Interest Rates for second quarter starting from 01.07.2020 to 30.09.2020.
SB Order 24/2020
e.F.No 113-03/2017-SB(Pt.1)
Govt. of India
Ministry of Communications
Department of Posts
(F.S. Division)
Dak Bhawan, New Delhi-110001
Dated: 01.07.2020
To,
All Head of Circles/Regions
Subject : Revision of interest rates for Small Savings Schemes w.e.f. 01.07.2020
Sir/Madam,
The undersigned is directed to say that vide memorandum No. 01/04/2019-NS dated 30.06.2020 (copy enclosed), Govt. of India. Ministry of Finance, Department of Economic Affairs (Budget Division) have informed that the rate of interest on various Small Savings Schemes (National Savings Schemes) for the second quarter of financial year 2020-21 (starting from 1st July, 2020 and ending on 30th September, 2020) shall remain unchanged from those notified for the first quarter of Financial Year 2020-21 (01st April, 2020 to 30th June,2020). The details are indicated below for ready reference.
| SI. No. | Instruments | Rate of interest w.e.f.01.04.2020 to 30.06.2020 | (Rate of interest) w.e.f. 01.07.2020 to 30.09.2020 (Unchanged) | Compounding Frequency* |
| 01 | Post Office Savings Account | 4.0 | 4.0 | Annually |
| 02 | 1 Year Time Deposit | 5.5 | 5.5 | Quarterly |
| 03 | 2 Year Time Deposit | 5.5 | 5.5 | Quarterly |
| 04 | 3 Year Time Deposit | 5.5 | 5.5 | Quarterly |
| 05 | 5 Year Time Deposit | 6.7 | 6.7 | Quarterly |
| 06 | 5 Year Recurring Deposit Scheme | 5.8 | 5.8 | Quarterly |
| 07 | Senior Citizen Savings Scheme | 7.4 | 7.4 | Quarterly and Paid |
| 08 | Monthly Income Account | 6.6 | 6.6 | Monthly and paid |
| 09 | National Savings Certificate (VIII Issue) | 6.8 | 6.8 | Annually |
| 10 | Public Provident Fund Scheme | 7.1 | 7.1 | Annually |
| 11 | Kisan Vikas Patra | 6.9 (will mature in 124 months) | 6.9 (will mature in 124 months) | Annually |
| 12 | Sukanya Samriddhi Account Scheme | 7.6 | 7.6 | Annually |
3. It is requested to circulate it to all concerned for information and necessary guidance. Same may also be placed on the notice board of all Post Offices in public area.
4. This issues with the approval of Competent Authority.
Yours Faithfully,
(Deventira Sharma)
Assistant Director (SB)
Copy to:-
-
Sr. PPS to Secretary (Posts)
-
PS to Director General Postal Services.
-
PPS/ PS to Addl. DG (Co-ordination)/Member (Banking)/ Member (O)/ Member (P)/ Member (Planning & HRD)/ Member (PLI)/ Member (TechV/AS & FA
-
Addl. Director General, APS, New Delhi
-
Chief General Manager, BD Directorate / Parcel Directorate / PLI Directorate
-
Sr. Deputy Director General (Vigilance) & CVO) / Sr. Deputy Director General (PAF)
-
Director, RAKNPA / GM, CEPT / Directors of all PTCs
-
Director General P & T (Audit), Civil Lines, New Delhi
-
Secretary, Postal Services Board/ All Deputy Directors General
-
All General Managers (Finance) / Directors Postal Accounts / DDAP
-
Chief Engineer (Civil), Postal Directorate
-
All Sections of Postal Directorate
-
All recognized Federations / Unions/ Associations
-
GM, CEPT for uploading the order on the India Post website.
-
MOF(DEA), NS-II, North Block, New Delhi.
-
Joint Director & HOD, ICCW Building, 4 Deendayal Upadhyay Marg, New Delhi-110002
-
Guard File
-
Spare copies.
COMMENTS