On March 26, 2012, the Finance Ministry has provided a ‘pleasant gift’ to small investor by providing increased rate of interest in Post Office ‘Small saving Schemes’, such as NSC, PPF, SCSS -04 schemes which also help in saving income tax.
Also, the ministry has increased on other ongoing schemes such as 1/2/3/5 yr TD, 5 yr RD and 5 yr MIS schemes as well.
The Finance Ministry announced that the new rates will be effective from April 1, 2012. The revision of rates have been on the basis of change in the rates on Government Securities (G-Sec), on the recommendations made by the Shyamala Gopinath Committee.
After a long time government has tried to bring the interest levels on small savings to match with banks, as a result there will be inflow of funds in government accounts, and their estimated figures are inflow of 1200 Crore in the year 2012-13.
The increased rates are as under, effective April 01, 2012:
|SMALL SAVING DEPOSIT RATES|
|Scheme||Rate of Interest (Effective December 01, 2011)||Rate of Interest (Effective April 01, 2012)|
|5 Year National Saving Certificate (NSC)||8.40%||8.60%|
|10 Year National Saving Certificate (NSC)||8.70%||8.90%|
|5 Year Senior Citizen Saving Scheme (SCSS-04)||9.00%||9.30%|
|5 Year Monthly Income Scheme (MIS)||8.20%||8.50%|
|5 Year Recurring Deposit (RD)||8.00%||8.40%|
|1 Year Time Deposit||7.70%||8.20%|
|2 Year Time Deposit||7.80%||8.30%|
|3 Year Time Deposit||8.00%||8.40%|
|5 Year Time Deposit||8.30%||8.50%|
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