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April 1, 2021

FM Clarified that Interest Rate will not be Reduce from 1 April 2021

by facelesscompliance in RBI

FM Clarified that Interest Rate will not be Reduce from 1 April 2021

The Ministry of Finance has issued below office Memorandum on 31 March 2021 reducing small saving rates significantly from 1 April 2021.

However on 1 April 2021 the FM clarified on Twitter that Interest rates of small savings schemes of GoI shall continue to be at the rates which existed in the last quarter of 2020-2021, ie, rates that prevailed as of March 2021. Orders issued by oversight shall be withdrawn.

The Interest Rate from April 2021 are as below

The Following is in Tabular Form for ease of reference

InstrumentsRate of interest from 01.01.2021 to 31.03.2021Rate of interest from 01.04.2021 to 30.06.2021 OrderRate of interest from 01.04.2021 to 30.06.2021 as per FM TweetCompounding frequency
Savings Deposit4.03.54.0Annually
1 Year Time Deposit5.54.55.5Quarterly
2 Year Time Deposit5.55.05.5Quarterly
3 Year Time Deposit5.55.15.5Quarterly
5 Year Time Deposit6.75.86.7Quarterly
5 Year Recurring Deposit5.85.35.8Quarterly
Senior Citizen Savings Scheme7.46.57.4Quarterly paid
Monthly Income Account6.65.76.6Monthly paid
National Savings Certificate6.85.96.8Annually
Public Provident Fund Scheme7.16.47.1Annually
Kisan Vikas Patra6.9 (will mature in 113 months)6.2 (will mature in 124 months)6.9 (will mature in 113 months)Annually
Sukanya Samriddhi Account Scheme7.66.97.6Annually

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