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Revised-Interest-Rates-for-Small-Savings-Schemes-3rd-quarter-2018-19

 

Revised Interest Rates for Small Savings Schemes 3rd quarter 2018-19

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6
Introduction-

The revised rates of interest on various small saving schemes for the 3rd quarter of financial year 2018-19 i.e. 01.10.2018 to 31.12.2018, are as under-

According to a circular issued by the Finance Ministry on 19th September 2018, the interest rates of various small saving schemes have been hiked by between 30 basis points and 40 basis points. (One percentage point is equivalent to 100 basis points.) or say by 0.30% to 0.40%.

   
Interest rates for small saving schemes are notified on a quarterly basis. The following schemes are covered under small saving schemes, the comparable chart of interest for the financial year 2018-19 & financial year 2017-18 are as under-

 

Detailed chart for the financial year 2018-19-

Name of Schemes

% of Rate of Interest F.Y. 2018-19

Frequency of compounding

 

1st & 2nd Quarter

3rd Quarter

 

8.10

8.50

Annually

 

7.60

 

8.00

Annually

 

7.30

7.70

Annually, (Maturity period reduced from 118 rmonths to 112 months)

7.60

8.00

Annually

 

7.30

7.70

Monthly and paid

8.30

8.70

Quarterly and paid

Time Deposit (5 Years)

7.40

7.80

Quarterly

6.90

7.30

Quarterly

Time Deposit (3 Years)

6.90

7.20

Quarterly

Time Deposit (2 Year)

6.70

7.00

Quarterly

Time Deposit (1 Year)

6.60

6.90

Quarterly

Saving Deposit           

4.00

4.00

Annually

 

 

As compared, the interest rate in financial year 2017-18, on small savings was continuously reduced in every quarter as under-

Detailed chart for the financial year 2017-18-

Name of Schemes

% of Rate of Interest F.Y. 2017-18

Frequency of compounding

 

1st Quarter

2nd & 3rd Quarter

4th Quarter

 

8.40

8.30

8.10

Annually

 

7.90

 

7.80

7.60

Annually

 

Kissan Vikas Patra

(KVP)

7.60

7.50

7.30

Annually, (Maturity period increased from 113 months to 115 months to 118 months)

7.90

7.80

7.60

Annually

 

7.60

7.50

7.30

Monthly and paid

8.40

8.30

8.30

Quarterly and paid

Time Deposit (5 Years)

7.70

7.60

7.40

Quarterly

Recurring Deposit (5 Years)

7.20

7.10

6.90

Quarterly

Time Deposit (3 Years)

7.20

7.10

6.90

Quarterly

Time Deposit (2 Year)

7.00

6.90

6.70

Quarterly

Time Deposit (1 Year)

6.90

6.80

6.60

Quarterly

Saving Deposit           

4.00

4.00

4.00

Annually

 



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