Revision of interest rates on PPF and SCSS scheme

Reserve bank of India has revised rate of interest on Public provident fund scheme and Senior citizens saving scheme 2004. The new rate of interest will be applicable from 01 April 2013. RBI issued a note no. 5603 regarding rate of interest on ppf scheme and scss scheme. Full note is as under.


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
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.
Yours faithfully
(Sangeeta Lalwani)
General Manager
Keywords-rate of interest on ppf,provident fund rate of interest,ppf rate of interest 2013,interest on ppf on 2013,new interest rate on pf 2013-14
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