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 fourth quarter of financial year 2020-21 starting 1st January 2021 and ending on 31st March 2021, as declared by Government of India.

Instrument

Rate of interest w.e.f. 01.10.2020

to 31.12.2020

Rate of interest w.e.f. 01.1.2021

to 31.3.2021

Compounding frequency*

Savings Deposit

4.0

4.0

Annually

1 Year Time Deposit

5.5

5.5

Quarterly

2 Year Time Deposit

5.5

5.5

Quarterly

3 Year Time Deposit

5.5

5.5

Quarterly

5 Year Time Deposit

6.7

6.7

Quarterly

5 Year Recurring Deposit

5.8

5.8

Quarterly

5 Year Senior Citizen Savings Scheme

7.4

7.4

Quarterly and paid

5 Year Monthly Income Account

6.6

6.6

Monthly and paid

5 Year National Savings Certificate

6.8

6.8

Annually

Public Provident Fund Scheme

7.1

7.1

Annually

Kisan Vikas Patra

6.9 (will mature in 124 months)

6.9 (will mature in 124 months)

Annually

Sukanya Samridhi Account Scheme

7.6

7.6

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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