Revised interest rates of small saving schemes from 1-Apr-2015 (FY 2015-16)
Last week, Govt. of India has announced revised interest rate for Sukanya Samriddhi account from 1st April, 2015 along with few other interest rate announcements for small saving schemes. In this article, I would list down revised interest rates of small saving schemes like Sukanya Samriddhi Account, PPF, Senior Citizens Small Savings schemes etc. along with other small saving scheme interest rates. While some of the saving schemes are restricted only to post office, other small saving schemes like Sukanya Samridhi Account and Public Provident Fund can be opened with any authorised banks. These interest rates are effective from 1st April, 2015 and are valid till 31st March, 2016 (Financial year 2015-2016).
Revised interest rates of small saving schemes from 1-Apr-2015 (FY 2015-16)
1) Sukanya Samridhi Scheme interest rates are revised from 9.1% to 9.2% per annum with effective from 1st April, 2015. Sukanya Samridhi Scheme is one of the best saving scheme for girl where you can get highest interest rate which is risk free, tax free and also get tax benefits u/s 80C upto Rs 1.5 Lakhs.
2) Senior Citizens Saving Scheme (5 years) interest rates are revised from 9.2% to 9.3% per annum which is effective for this financial year 2015-2016. Banks are offering highest interest rates for Senior Citizens, hence one can look at those fixed deposits now.
3) Public Provident Fund interest rates for financial year 2015-2016 would be 8.7% per annum (same as previous year). You can invest Rs 1.5 Lakhs per annum and another Rs 1.5 Lakhs per annum on your spouse name for 15 years and get Rs 95 Lakhs in 15 years. While you would get tax deduction u/s 80C, this maturity amount is totally tax free. This is the power of Public Provident Fund.
4) There are no other changes in interest rates of small saving schemes like NSC, Term deposits of Post office, Kisan Vikas Patra etc.
Complete summary of schemes with the old rate and revised rate (effective from 1st April, 2015)
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Suresh
Revised interest rates of small saving schemes from 1-Apr-2015 (FY 2015-16)
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Dear all, Just wants to confirm i was started my RD in post office from 2015 and total amount is of 5 years is 1,20,000/- so with interest how much it will come after completion. I am from Panchkula(Haryana).
Whether interest rate on sukanya samridhi scheme account changed once we opened the account
Hello Sir,
As you know new interest rates for first quarter has been announced. Can you suggest the best way to gain from falling rates by investing in another week i.e., till 31st march 2016 ?
Kindly treat this as “urgent” because of the time gap. You can kindly write an article also. Just a suggestion.
Thank you
Dear Sir,
I NEED FROM 1ST APRIL2016 NEW SMALL SAVEING SCAHMES(R.D) NEW INTEREST RATE UPDATE WISE.
Thanks
Sujit pal – 9051361038
Sure, will update this in next article
Dear sir, I have opened a PPF account in icici bank from past 3 years and investing approx 50k yearly plz confirm if they are providing the same benefits as of govt bank and would there be the same terms and conditions.
Regards
Sai Jeevan Garg
Ph 9837010315
I opened a Senior Citizen Savings account in 2010 with SBI when interest rate was 9% pa.
Interest rates were revised for this scheme to 9.2% effective 1-4-2014 and again to 9.3% effective 1-4-2015.
But SBI continues to pay quarterly interest at 9% even now.
Why have they not offered revised rates to existing account holders?
AK Mathur
Lucknow
This is a normal fact….the revised rates are only applicable to those who opened the account after the revision….and the people who opened earlier will get the rates accordingly when they opened the account……and you will get the rates continually to the maturity period no matter the interest rates fall down or the other.
Many many thanks for your kind information.
Useful information for right time.
Thank you Malar
I am following your blog from past 6 months. You are giving good information about finance. Thank you very much.