RBI has issued a notification bearing RBI/2012-13/458, DGBA.CDD. No. H- 5603 /15.02.001/2012-13 dated March 28, 2013 regarding revision of Interest on the PPF Scheme and SCSS-2004. The RBI further notified as per followings:
Public Provident Fund Scheme, 1968 (PPF, 1968) and
Senior Citizens Savings Scheme, 2004 (SCSS, 2004) - Revision of interest rates
Senior Citizens Savings Scheme, 2004 (SCSS, 2004) - Revision of interest rates
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 01st of that year.
2. The Government of India has now vide their Office Memorandum
(OM) No. 6-1/2011-NS.II (Pt.) dated March 25, 2013, advised the rate of
interest on various small savings schemes for the financial year
2013-14. Accordingly, the rates of interest on PPF, 1968 and SCSS, 2004
for the financial year 2013-14, effective from April 01, 2013, on the
basis of the interest compounding/payment built-in in the schemes, will
be as under:
Scheme
|
Rate of Interest w.e.f. 01.04.2012
|
Rate of Interest w.e.f. 01.04.2013
|
5 year SCSS, 2004
|
9.3% p.a
|
9.2% p.a
|
PPF, 1968
|
8.8% p.a
|
8.7% 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 & SCSS, 2004 subscribers.
