Interest Rates on Small Saving Schemes for Q1 to Q4 of FY 2017-18 (i.e. 1 Apr. 2017 ~ 31 Mar. 2018)
Govt. has notified the revised interest rates of various small savings schemes for the period 1 Apr. 2017 to 30 Jun. 2017, 1 Jul. 2017 to 30 Sep. 2017, 1 Oct. 2017 to 31 Dec. 2017 and 1 Jan. 2018 to 31 Mar. 2018 (i.e. applicable during the Q1, Q2, Q3 and Q4 of FY 2017-18).
It may be noted that Govt. has reduced/ cut Interest Rates for Q4 of 2017-18 by 0.2% as compared to Q2 and Q3 for most of the small savings schemes. In Q3 of FY 2016-17 there was no change in interest rates, whereas in Q1 and Q2 interest rates were mostly based on a cut of 0.1% for all small savings schemes, as compared to the corresponding previous quarters.
In general, the Govt. has pursued the policy of protecting the interest of small savers, especially savings for the benefit of girl child (SSAS), the senior citizens (SCSS), etc. However, it may be noted that a reduction of 0.2% in interest rates on small saving has been effected during Q4 (0.1% in Q1 and Q2) of FY 2017-18 across the schemes except the Post Office Savings Account, which has been left untouched since 2015-16. However there was no change in Q3 interest rates for small savings.
Summary of Interest Rates Applicable for Small Savings Schemes during Financial Year 2017-18
|Instruments||Interest Rate (Q1 of 2017-18)||Interest Rate (Q2 and Q3 of 2017-18)||Interest Rate (Q4 of 2017-18)|
|Savings Deposit (SD)||4.0||4.0||4.0 (note 1)|
|1 Year Time Deposit (TD)||6.9||6.8||6.6|
|2 Year Time Deposit (TD)||7.0||6.9||6.7|
|3 Year Time Deposit (TD)||7.2||7.1||6.9|
|5 Year Time Deposit (TD)||7.7||7.6||7.4|
|5 Year Recurring Deposit (RD)||7.2||7.1||6.9|
|5 Year Senior Citizens Savings Scheme (SCSS)||8.4||8.3||8.3|
|5 year Monthly Income Scheme (MIS)||7.6||7.5||7.3|
|5 Year National Savings Certificate (NSC)||7.9||7.8||7.6|
|Public Provident Fund (PPF) Scheme||7.9||7.8||7.6|
|Kisan Vikas Patra (KVP)||7.6*||7.5**||7.3***|
|Sukanya Samriddhi Account Scheme (SSAS)||8.4||8.3||8.1|
* will mature in 113 months. | ** will mature in 115 months. | ***will mature in 118 months