Interest rates for PPF and SCSS scheme wef 1 April 2014 notified

Reserve bank of India notified interest rates on PPF scheme as well as Senior citizen saving scheme 2004(SCSS). RBI issued a note dated 21 March 2014 regarding notified of interest rates for PPF and SCSS scheme. Full 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 1st of that year.

The Government of India has now vide their Office Memorandum (OM) No. 6-1/2011-NS.II dated 4th March 2014, advised the rate of interest on various small savings schemes for the financial year 2014-15. Accordingly, the rates of interest on PPF, 1968 and SCSS, 2004 for the financial year 2014-15, effective from April 01, 2014, on the basis of the interest compounding/payment built-in in the schemes, will be as under:

Scheme	Rate of Interest w.e.f. 01.04.2013	Rate of Interest w.e.f. 01.04.2014
5 Year SCSS, 2004	9.2% p.a.	9.2% p.a.
PPF, 1968	8.7% p.a.	8.7% p.a.

The contents of this circular may be brought to the notice of the branches of your bank operating the PPF, 1968 and SCSS, 2004 schemes. These should also be displayed on the notice boards of your branches for information of the PPF, 1968 & SCSS, 2004 subscribers.

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