February 9, 2017
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Interest rates for Small Savings Schemes were revised for the January-March 2017 quarter; banks must notify subscribers.
Government revised interest rates for small savings schemes for the quarter 1 January 2017 to 31 March 2017, fixing rates and compounding/payment frequencies for instruments such as Savings Deposit (4.0% annually), Time Deposits (1 year 7.0%; 2 year 7.1%; 3 year 7.3%; 5 year 7.8% quarterly), 5 year Recurring Deposit (7.3% quarterly), Senior Citizen Savings Scheme (8.5% quarterly/paid), Monthly Income Account (7.7% paid), National Savings Certificate and Public Provident Fund (8.0%), Kisan Vikas Patra and Sukanya Samriddhi Account as notified. Agency banks were directed to notify and display these rates to subscribers.