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