SB Order 24/2020 – Revision of interest rates in Post Offices

SB Order 24/2020

e.F.No 113-03/2017-SB(Pt.1)

Govt. of India

Ministry of Communications

Department of Posts

(F.S. Division)

Dak Bhawan, New Delhi-110001

Dated: 01.07.2020

To,

All Head of Circles/Regions

Subject : Revision of interest rates for Small Savings Schemes w.e.f. 01.07.2020

Sir/Madam,

The undersigned is directed to say that vide memorandum No. 01/04/2019-NS dated 30.06.2020 (copy enclosed), Govt. of India, Ministry of Finance, Department of Economic Affairs (Budget Division) have informed that the rate of interest on various Small Savings Schemes (National Savings Schemes) for the second quarter of financial year 2020-21 (starting from lst July ,2020 and ending on 30th September, 2020) shall remain unchanged from those notified for the first quarter of Financial Year 2020-21 (01st April, 2020 to 30th June,2020). The details are indicated below for ready reference in SB order 24/2020

SI.
No.
Instruments Rate of  interest

w.e.f. 01.04.2020  to

30.06.2020

Rate of  interest w.e.f   01.07.2020
to 30.09.2020 (Unchanged)
Compounding
Frequency*
01. Post Office Savings Account 4.0 4.0 Annually
02. 1 Year Time Deposit 5.5 5.5 Quarterly
03. 2 Year Time Deposit 5.5 5.5 Quarterly
04. 3 Year Time Deposit 5.5 5.5 Quarterly
05. 5 Year Time Deposit 6.7 6.7 Quarterly
06. 5 Year Recurring   Deposit Scheme 5.8 5.8 Quarterly
07. Senior Citizen Savings Scheme 7.4 7.4 Quarterly and
Paid
O8. Monthly Income Account 6.6 6.6 Monthly and paid
09. National Savings    Certificate (VIII Issue) 6.8 6.8 Annually
10. Public Provident        Fund Scheme 7.1 7.1 Annually
11. Kisan Vikas Patra 6.9 (will mature in
124 months)
6.9 (will mature in
124 months)
Annually
12. Sukanya Samriddhi    Account Scheme 7.6 7.6 Annually

 

3. It is requested to circulate it to all concerned for information and necessary guidance. Same may also be placed on the notice board of all Post Offices in public area.

4. This issues with the approval of Competent Authority.

Yours Faithfully

(Deventira Sharma)

Assistant Director (SB)

Copy to:-

  1. Sr. PPS to Secretary (Posts)
  2. PS to Director General Postal Services.
  3. PPS/ PS to Addl. DG (Co-ordination)/Member (Banking)/ Member (O)/ Member (P)/ Member (Planning & HRD)/Member (PLI)/ Member (Tech)/AS & FA
  4. Addl. Director General, APS, New Delhi
  5. Chief General Manager, BD Directorate / Parcel Directorate / PLI Directorate
  6. Sr. Deputy Director General (Vigilance) & CVO) / Sr. Deputy Director General (PAF)
  7. Director, RAKNPA / GM, CEPT / Directors of all PTCs
  8. Director General P & T (Audit), Civil Lines, New Delhi
  9. Secretary, Postal Services Board/ All Deputy Directors General
  10. All General Managers (Finance) / Directors Postal Accounts / DDAP
  11. Chief Engineer (Civil), Postal Directorate
  12. All Sections of Postal Directorate
  13. All recognized Federations / Unions/ Associations
  14. GM, CEPT for uploading the order on the India Post website.
  15. MOF(DEA), NS-II, North Block, New Delhi.
  16. Joint Director & HOD, ICCW Building, 4 Deendayal Upadhyay Marg, New Delhi-110002
  17. Guard File
  18. Spare copies.

F.No.1/4/2019-NS
Government of India
Ministry of Finance
Department of Economic Affairs
(Budget Division)

North Block. New Delhi

Dated: 30.06.2020

OFFICE MEMORANDUM

Subject: Revision of interest rates for Small Savings Schemes reg.

The rates of interest on various Small Savings Schemes for the second quarter of financial year 2020-21 starting from 1st July, 2020 and ending on 30th September, 2020 shall remain unchanged from those notified for the first quarter (1st April, 2020 to 30thJune. 2020) of financial year 2020-21.

2. This issues with the approval of competent authority.

(Rajesh Panwar)

Dy. Director(NS)

Tel- 01123093170

 

To,

  1. FS & Secretary (Department of Revenue), North Block, New Delhi.
  2. The Secretary, Department of Economic Affairs, North Block, New Delhi.
  3. The Secretary, Department of Financial Services, Jeevan Deep Building, Parliament Street, New Delhi.
  4. The Secretary, Department of Expenditure, North Block, New Delhi.
  5. The Secretary, Department of Posts, Dak Bhawan, New Delhi.
  6. The HoO, National Savings Institute, New Delhi.
  7. The Chief General Manager, Department of Govt & Bank Accounts, Reserve Bank of India, Central Office, Mumbai.
  8. Reserve Bank of India, Central Account Section, Additional Office Section, East High Court Road, Nagpur – 440 001.
  9. Chief Secretaries of State/UT Governments.
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