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Five Years SCSS and PPF Interest Rates hike by 0.3% and 0.2% Respectively from 01.04.2012

We are already known the Interest rest on small saving schemes increased from 01.12.2011, thereafter the Finance Ministry hike the Five Year SCSS & PPF Interest rate by 0.3% and 0.2% respectively w.e.f. 01.04.2012 as per Circular DGBA.CDD. NO. H- 6506/15.02.001/2011-12, DATED 3-4-2012 issued in the interest of Investors/Depositors. Earlier before 01.04.2012, interest rate on PPF for general public was 8.6% or for senior citizen it was 9% w.e.f. 01.12.2011. The new Interest rate effected from 01.04.2012, regarding this the Complete circular is given as under in the interest of public.

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.

2. 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

3. 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.

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