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Unchanged PO Savings Schemes Interest Rates for Q2 2016-17

As you may recollect, in my blog post Small Saving Schemes Interest Rates To Turn Volatile, I had discussed that from financial year 2016-17 onward, the Govt. will fix the interest rates on Small Savings Schemes on a quarterly basis.

Accordingly, later in my blog post Small Savings Schemes Rate Cut is Fantastic News I had shared with you the details of the interest rates announced for the first quarter of 2016-17 i.e. Apr 1 to Jun 30, 2016.

In line with aforesaid guidelines, the Ministry of Finance has now announced the interest rates on various Small Savings Schemes for the second quarter of the Financial Year 2016-17 i.e. for the period Jul 1 to Sept 30, 2016. 

In a nutshell, there is no change w.r.t. rates announced for Qtr 1.

For your quick and easy perusal, the same are detailed below:

Public Provident Fund : 8.1% compounded annually

5-year NSC : 8.1% compounded annually
10-year NSC : This was discontinued w.e.f. Dec 2015

Monthly Income Scheme : 7.8% monthly compounding and paid

Senior Citizens Savings Scheme : 8.6% quarterly compounding and paid

Time Deposits
1-year Deposit : 7.1%
2-year Deposit : 7.2%
3-year Deposit : 7.4%
5-year Deposit : 7.9%
(All on quarterly compounding basis)

5-year Recurring Deposit : 7.4% compounded quarterly

Savings Deposit : 4% compounded annually

Kisan Vikas Patra : 7.8% compounded annually (The scheme will now double your money in 110 months as against 100 months earlier)

Sukanya Samriddhi Scheme : 8.6% compounded annually


IMPORTANT FOOTNOTE
The revised interest rates apply only to the new accounts opened during the respective period (except PPF and Sukanya Samriddhi Scheme, where the new rate is applied on the outstanding account balance). For the existing accounts under all other schemes, the contracted interest rate remains unchanged until maturity.

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