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Interest rate increased in sukanya samriddhi account and 5 year SCSS

Reserve bank of India issued a note about rate of interest in various deposits dated 1 April 2015. In this note rate of interest on Sukanya Samriddhi account as well as 5 year SCSS has been increased. However no rate of interest changed in PPF account and Kisan Vikas Patra. This rate of interest is applicable from 1 April 2015. Full RBI note is as under.

 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 have vide their Office Memorandum (OM) No.6/01/2011-NS.II dated March 31, 2015, advised the rate of interest on various small savings schemes for the financial year 2015-16. Accordingly, the rates of interest on PPF 1968, SCSS 2004, Kisan Vikas Patra & Sukanya Samriddhi Account Scheme for the financial year 2015-16, effective from April 01, 2015, on the basis of the interest compounding/payment built-in in the schemes, will be as under.

SchemeRate of Interest w.e.f. 01.04.2014Rate of Interest w.e.f. 01.04.2015
5 year SCSS, 20049.2% p.a9.3% p.a
PPF, 19688.7% p.a8.7% p.a
Kisan Vikas Patra8.7% p.a8.7% p.a
Sukanya Samriddhi Account Scheme9.1% p.a9.2% p.a

3.  The contents of this circular may be brought to the notice of the branches of your bank operating the PPF 1968, SCSS 2004, Kisan Vikas Patra & Sukanya Samriddhi Account Schemes. These should also be displayed on the notice boards of your branches for information of the subscribers to these Schemes.

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