Revised interest rates for Small Savings Schemes From 01-04-2020. New and Revised Rates for Small Savings Schemes applicable from 1st April 2020. Govt of India Revised Interest Rates on 1st April 2020 and New and Revised Rates are applicable from 1st April 2020. Check Post Office Small Saving Schemes Revised Rates from Below…
Check Revised interest Rates for PF, Sukanya Yojana(Sukanya Samriddhi Yojana), NSC, Term Plans, Kisan Vikas Patra etc from below, we provide old and Revised Interest Rates in Below Table.
Check More details about these Schemes from below link…
Revised interest rates for Small Savings Schemes From 01-04-2020
OFFICE MEMORANDUM
Subject: Revision of interest rates for Small Savings Schemes.
The undersigned is directed to refer to this Department’s OM of even number dated 16th February, 2016, vide which the various decisions taken by the Government regarding interest fixation for small savings schemes were communicated to all concerned.
2. On the basis of the decision of the Government, interest rates for small savings schemes are to be notified on quarterly basis. Accordingly, the rates of interest on various small savings schemes for the fourth quarter of financial year 2020-21 starting on 1st April 2020 on the basis of the interest compounding/payment built-in the schemes, shall be as under:
Interest rates on small savings scheme (1st April 2020)
- The government decides to change the interest rates before every quarter. According to the notification, the reduction in interest rates on National Savings Scheme, Kisan Vikas Patra and PPF has been reduced by 10 basis points.
- The interest rate on PPF will be reduced from 7.9% to 7.1%. Similarly, the 5-year National Savings Scheme will now get 7.9% interest.
- In the Sukanya Samrudhi scheme, 7.6% interest rate will be applicable instead of 8.4%. However, rates of postal savings have been retained 4%.
- Senior Citizen Savings Scheme: The senior citizens scheme will offer 7.4%, from the earlier 8.6%.
- NSC: National Savings Certificate will fetch 6.8% as compared to 7.9% earlier.
- To reduce the interest rates of small savings schemes to the banking sector, the government has reduced interest rates. RBI has reduced policy rates 3 times this year.
| Name of Scheme | New From 1-04-2020 | Existing 1-07-2019 |
| Sukanya Samriddhi Yojana | 7.60% | 8.40% |
| Kisan Vikas Patra (KVP) | 6.90% | 7.60% * |
| Senior Citizen Savings Scheme (SCSS) | 7.40% | 8.60% |
| Public Provident Fund (PPF) (PPF) | 7.10% | 7.90% |
| Post Office Saving Account | 4.00% | 4.00% |
| 1 Year Term Deposit | 5.50% | 6.90% |
| 2 Year Term Deposit | 5.50% | 6.90% |
| 3 Year Term Deposit | 5.50% | 6.90% |
| 5 Year Term Deposit | 6.70% | 7.70% |
| 5 Year Recurring Deposit (RD) | 5.80% | 7.20% |
| 5 Year NSC | 6.80% | 7.90% |
| Post Office Monthly Income Scheme | 6.60% | 7.60% |
- *Kisan Vikas Patra (KVP) 7.60% (will mature in 112 months)
- All Above New Rates are affected from 01-04-2020
- These Interest Rates apply from 1st April 2020
- Source: Finance ministry website
Post Office Time Deposit Account
* In CBS Post offices, when any TD account is matured, the same TD account will be automatically renewed for the period for which the account was initially opened e.g 2 Years TD account will be automatically renewed for 2 Years. The interest rate applicable on the day of maturity will be applied.
From 1.04.2020, interest rates are as follows:-
| Period | Rate |
|---|---|
| 1 yr. A/c | 5.5% |
| 2 yr. A/c | 5.5% |
| 3 yr. A/c | 5.5% |
| 5 yr. A/c | 6.7% |
Interest payable annually but calculated quarterly.
Deposit Amounts are as follows:-
| Type of Account | Minimum Deposit | Maximum Deposit |
|---|---|---|
| 1, 2, 3 & 5 Year TD | INR. 200/- and in multiples of INR. 200/- thereafter | No limit |
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