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October 4, 2020

Rate of Interest on Government Saving Scheme from October 2020 to December 2020

by facelesscompliance in Income Tax

Rate of Interest on Government Saving Scheme from October 2020 to December 2020

The Government has announced that the rate of Interest in various instrument of small saving scheme like PPF, KVP, SCCS etc will be same as last quarter and there are no changes in the rate.

The finance ministry made this announcement via a circular dated September 30, 2020. As per the circular, the PPF will continue to earn 7.10 per cent and the Senior Citizen Savings Scheme (SCSS) will earn 7.40 per cent as before.

Similarly, post office time deposits will continue to fetch between 5.5 per cent and 6.7 per cent depending on the tenure of deposits.

This seems to be good news for all the depositors. The below mention rates will be valid till 31 December 2020.

InstrumentsRate of interest from 01.01.2020 to 31.03.2020Rate of interest from 01.04.2020 to 30.09.2020Rate of interest from 01.10.2020 to 31.12.2020Compounding frequency*
Savings Deposit4.04.04.0Annually
1 Year Time Deposit6.95.55.5Quarterly
2 Year Time Deposit6.95.55.5Quarterly
3 Year Time Deposit6.95.55.5Quarterly
5 Year Time Deposit7.76.76.7Quarterly
5 Year Recurring Deposit7.25.85.8Quarterly
Senior Citizen Savings Scheme8.67.47.4Quarterly and paid
Monthly Income Account7.66.66.6Monthly and paid
National Savings Certificate7.96.86.8Annually
Public Provident Fund Scheme7.97.17.1Annually
Kisan Vikas Patra7.6 (will mature in 113 months)6.9(will  mature in 124 months)6.9(will  mature in 124 months)Annually
Sukanya Samriddhi Account Scheme8.47.67.6Annually

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