Scroll Text

........ CITIZENS DUTY & SLOGAN ::: It shall be the duty of every Citizen of India to defend the Country and render National service when called upon to do so ... SLOGAN ::: "That loyalty to the Country becomes ahead of all other loyalties. And this is an absolute loyalty since one can not weight it in terms of what one receives" (Lal Bahadur Shastri) ..... # Stay at home, be safe and extend support in fight against COVID-19 ......... .......

scroll text 2

......... .............. CONGRATULATIONS TO THE SELECTED CANDIDATES FOR THE POSTS OF GDS .........................Shri Kamalesh Chandra Committee recommendations are being implemented from 01-07-2018 after the Cabinet approval on 06th June 2018....


Dear Comrade newly elected Divisional / Branch Secretaries of AIPEU-GDS -- PLEASE SEND YOUR POSTAL ADDRESS WITH PIN CODE, MOBILE NUMBER, E-MAIL ID THROUGH SMS TO ..09849466595.. OR BY E-MAIL TO >< IMMEDIATELY................... CRUSADER TO GRAMIN DAK SEVAKS (2nd Edition -2016) is ready and can place indent to AIPEU GrC (CHQ), NEW DELHI-8....... One copy Rs.225/- (560 pages) ..... Send e-MO for Rs.250/- to receive one copy of the Book by Regd. Book Paket..........

Wednesday, December 27, 2017

Govt cuts small savings interest rate by 0.2 percentage points

Small savings schemes public provident fund (PPF) and national savings certificate (NSC) will now have an interest rate of 7.6% while kisan vikas patra (KVP) will yield 7.3%.

New Delhi: The government on Wednesday cut the interest rate on small savings schemes, including public provident fund (PPF), national savings certificate (NSC) and Kisan Vikas Patra, by 0.2 percentage points for the January-March quarter, a move that will prompt banks to lower deposit rates.

Interest rates in the five-year Senior Citizens Savings Scheme, however, has been retained at 8.3%. The interest rate on the senior citizens’ scheme is paid quarterly.

A finance ministry notification said interest rates have been reduced across several small savings schemes but that for savings deposits has been retained at 4% annually.

Since April 2016, interest rates of all small saving schemes have been recalibrated on a quarterly basis, but there was no change in small savings interest rates in the October-December quarter.

As per the finance ministry notification, PPF and NSC will fetch a lower annual rate of 7.6% while KVP will yield 7.3% and mature in 11 months. The girl child savings scheme Sukanya Samriddhi Account will offer 8.1 from existing 8.3% annually. Term deposits of 1-5 years will fetch a lower interest rate of 6.6-7.4%, to be paid quarterly, while the five-year recurring deposit is pegged at 6.9%.

“On the basis of the decision of the government, interest rates for small savings schemes are to be notified on a quarterly basis,” the finance ministry said, adding that rates of small savings schemes would be linked to government bond yields.