Interest Rates on Small Saving Schemes for Q1 to Q4 of FY 2018-19 (i.e. 1 April 2018 to 31 March 2019)
Govt. has notified interest rates for Small Savings Schemes (NSC, PPF, KVP, SSAS, SCSS, etc.) in respect of Q4 of FY 2018-19 (1 Jan. ~ 31 March 2019) which are more or less the same like in Q3 of FY 2018-19 (1 Oct. ~ 31 Dec. 2018). Whereas in Q3, Govt. has notified increased interest rates by 0.3% to 0.4%, as compared to Q1/ Q2 of FY 2018-19.
It’s was for the first time that Govt. has announced upward change in the interest rates of small saving schemes in respect of Q3 of FY 2018-19, since the quarterly review system of interest rates has been implemented in Q1 of FY 2016-17. Hopefully, the increased interest rates will be beneficial for the retired pensioners, old age persons, etc. those who are mainly dependent on the interest income from investments in small saving schemes.
Earlier, Govt. has notified that there will be no change in interest rates of various small savings schemes for the period 1 Apr. 2018 to 30 Jun. 2018 and 1 July 2018 to 30 Sept. 2018 (i.e. applicable during the Q1/ Q2 of FY 2018-19), as compared to Q4 of FY 2017-18.
Summary of Interest Rates Applicable for Small Savings Schemes during Financial Year 2018-19
Summarised table of the revised rates of interest on various small savings schemes for the FY 2018-19 (i.e. Q1: 1 Apr. to 30 Jun. 2018, Q2: 1 July to 30 Sept. 2018, Q3: 1 Oct. to 31 Dec. 2018 and Q4: 1 Jan. to 31 March 2019):
|Instruments||Interest Rates (Q1/ Q2 of 2018-19)||Interest Rates (Q3 of 2018-19)||Interest Rates (Q4 of 2018-19)||Compounding|
|Savings Deposit (SD)||4.0||4.0||4.0||Annually|
|1 Year Time Deposit (TD)||6.6||6.9||7.0||Quarterly|
|2 Year Time Deposit (TD)||6.7||7.0||Quarterly|
|3 Year Time Deposit (TD)||6.9||7.2||Quarterly|
|5 Year Time Deposit (TD)||7.4||7.8||7.8||Quarterly|
|5 Year Recurring Deposit (RD)||6.9||7.3||7.3||Quarterly|
|5 Year Senior Citizens Savings Scheme (SCSS)||8.3||8.7||8.7||Quarterly and Paid|
|5 year Monthly Income Scheme (MIS)||7.3||7.7||7.7||Monthly and Paid|
|5 Year National Savings Certificate (NSC)||7.6||8.0||8.0||Annually|
|Public Provident Fund (PPF) Scheme||7.6||8.0||8.0||Annually|
|Kisan Vikas Patra (KVP)||7.3*||7.7**||7.7**||Annually|
|Sukanya Samriddhi Account Scheme (SSAS)||8.1||8.5||8.5||Annually|
* will mature in 118 months | ** will mature in 112 months