SB Order 24/2020 : Interest rates for Small Savings Schemes w.e.f. 01.07.2020
SB Order 24/2020
e.F.No 113-03/2017-SB(Pt.1)
Govt. of India
Ministry of Communications
Department of Posts
(F.S. Division)
Dak Bhawan, New Delhi-110001
Dated: 01.07.2020
To,
All Head of Circles/Regions
Subject : Revision of interest rates for Small Savings Schemes w.e.f. 01.07.2020
Sir/Madam,
The undersigned is directed to say that vide memorandum No. 01/04/2019-NS dated 30.06.2020 (copy enclosed), Govt. of India, Ministry of Finance, Department of Economic Affairs (Budget Division) have informed that the rate of interest on various Small Savings Schemes (National Savings Schemes) for the second quarter of financial year 2020-21 (starting from 1st July ,2020 and ending on 30th September, 2020) shall remain unchanged from those notified for the first quarter of Financial Year 2020-21 (01st April, 2020 to 30th June,2020). The details are indicated below for ready reference.
| SI. No. |
Instruments | Rate of interest w.e.f.01.04.2020 to 30.06.2020 |
Rate of interest w.e.f 01.07.2020 to 30.09.2020 (Unchanged) |
Compounding Frequency* |
|---|---|---|---|---|
| 01. | Post Office Savings Account | 4.0 | 4.0 | Annually |
| 02. | 1 Year Time Deposit | 5.5 | 5.5 | Quarterly |
| 03. | 2 Year Time Deposit | 5.5 | 5.5 | Quarterly |
| 04. | 3 Year Time Deposit | 5.5 | 5.5 | Quarterly |
| 05. | 5 Year Time Deposit | 6.7 | 6.7 | Quarterly |
| 06. | 5 Year Recurring Deposit
Scheme |
5.8 | 5.8 | Quarterly |
| 07. | Senior Citizen
Savings Scheme |
7.4 | 7.4 | Quarterly and Paid |
| 08 | Monthly Income Account | 6.6 | 6.6 | Monthly and
paid |
| 09 | National Savings Certificate
(VIII Issue) |
6.8 | 6.8 | Annually |
| 10. | Public Provident Fund
Scheme |
7.1 | 7.1 | Annually |
| 11 | Kisan Vikas Patra | 6.9 (will mature in 124 months) |
6.9 (will mature in 124 months) |
Annually |
| 12 | Sukanya Samriddhi Account
Scheme |
7.6 | 7.6 | Annually |
3. It is requested to circulate it to all concerned for information and necessary guidance. Same may also be placed on the notice board of all Post Offices in public area.
4. This issues with the approval of Competent Authority.
Yours Faithfully,
(Deventira Sharma)
Assistant Director (SB)
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