The Reserve Bank on Thursday notified a 0.1 per cent reduction each in interest rates on the Public Provident Fund (PPF) and the Senior Citizen Savings Scheme (SCSS), to be effective from the financial year beginning April 1.
The rate of interest on PPF has been lowered from 8.8 per cent to 8.7 per cent.
The rate of interest on a five-year SCSS has been reduced to 9.2 per cent from 9.3 per cent for entire 2013-14 financial year
PPF Rate of interest for previous years is given below
|01.04.1986 to 14.01.2000||12%|
|15.01.2000 to 28.02.2001||11%|
|01.03.2001 to 28.02.2002||9.50%|
|01.03.2002 to 28.02.2003||9%|
|01.03.2003 to 30.11.2011||8%|
|01.12.2011 to 31.03.2012||8.60%|
|01.04.2012 to 31.03.2013||8.80%|
|01.04.2013 to 31.03.2014||8.70%|
|01.04.2014 to 31.03.2015||8.70%|
RBI Notification is given below for reference
DGBA.CDD. No. H- 5603 /15.02.001/2012-13
March 28, 2013
The Chairman and Managing Director/Managing Director
Head Office, Government Accounts Department
State Bank of India/State Bank of Patiala/
State Bank of Bikaner & Jaipur / State Bank of Travancore/
State Bank of Hyderabad/State Bank of Mysore/ Andhra Bank/
Allahabad Bank/Bank of Baroda/Bank of India/
Bank of Maharashtra/Canara Bank/Central Bank of India/
Corporation Bank/Dena Bank/Indian Bank/Indian Overseas Bank/
Punjab National Bank/Syndicate Bank/UCO Bank/
Union Bank of India/United Bank of India/Vijaya Bank/IDBI Bank Ltd./ICICI Bank Ltd.
Public Provident Fund Scheme, 1968 (PPF, 1968) and
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:
Rate of Interest w.e.f. 01.04.2012
Rate of Interest w.e.f. 01.04.2013
5 year SCSS, 2004
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.