Public Provident Fund Scheme, 1968 (PPF, 1968) and Senior Citizens Savings Scheme, 2004 (SCSS, 2004) – Revision of interest rates


 

RBI Lr.No RBI/2012-13/458 DGBA.CDD. No. H- 5603 /15.02.001/2012-13

 

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:

 

Scheme

 

 

5 year SCSS, 2004 Rate of Interest w.e.f. 01.04.2013 9.3% p.a

 

PPF, 1968 2004 Rate of Interest w.e.f. 01.04.2013 8.7% p.a

 

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