Small Savings Schemes at a glance

SMALL - Suits to every person of the social strata.
SAVINGS - Select and save as per your requirement and desire.
SCHEME - Safe, secured and sure as per your expectation.

Rates of interest on various Small Savings Schemes for the Third quarter of financial year 2018-19 starting 1st October 2018 and ending on 31st December 2018, as declared by Government of India.

Instrument

Rate of interest w.e.f. 01.04.2018

to 30.06.2018

Rate of interest w.e.f. 01.07.2018

to 30.09.2018

Rate of interest w.e.f. 01.10.2018

to 31.12.2018

Compounding frequency*

Savings Deposit

4.0

4.0

4.0

Annually

1 Year Time Deposit

6.6

6.6

6.9

Quarterly

2 Year Time Deposit

6.7

6.7

7.0

Quarterly

3 Year Time Deposit

6.9

6.9

7.2

Quarterly

5 Year Time Deposit

7.4

7.4

7.8

Quarterly

5 Year Recurring Deposit

6.9

6.9

7.3

Quarterly

5 Year Senior Citizen Savings Scheme

8.3

8.3

8.7

Quarterly and paid

5 Year Monthly Income Account

7.3

7.3

7.7

Monthly and paid

5 Year National Savings Certificate

7.6

7.6

8.0

Annually

Public Provident Fund Scheme

7.6

7.6

8.0

Annually

Kisan Vikas Patra

7.3 (will mature in 118 months)

7.3 (will mature in 118 months)

7.7 (will mature in 112 months)

Annually

Sukanya Samridhi Account Scheme

8.1

8.1

8.5

Annually

Small Savings Schemes offering tax rebate :

1. Section 80-C of I.T. Act- Deduction from income not exceeding Rs. 1,50,000 is allowed in respect of the amount deposited in the following specified small savings schemes under Section 80-C of Income Tax Act. • Public Provided Fund. • National Savings Certificate VIII issue accrued interest thereon. • Five- years post office Time Deposit (5 year T.D) Account • Senior Citizen Scheme Account. • Sukanya Samridhi Yojana. Exemption under Section 10 (15) of I.T. Act- Interest from Public Provident Fund Account is completely exempted.

2. Deduction under Section 80-TTA of I.T. Act- Interest up to Rs.10,000 earned from post office Savings Bank Account qualify for deduction from income.

3. Exemption under Wealth Tax- Deposit made in P.P.F and interest earned thereon enjoys exemption from wealth Tax. P.O.S.B-K.Y.C. K.Y.C. document is to be produced by depositor at time of opening of new account. If he/she has obtained a number earlier on production of K.Y.C. document then he/she is required to mention the same for subsequent deposits.

 

P.O.S.B-K.Y.C. K.Y.C. document is to be produced by depositor at time of opening of new account. If he/she has obtained a number earlier on production of K.Y.C. document then he/she is required to mention the same for subsequent deposits.

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