New Delhi: Reserve Bank on Thursday notified 0.1 per cent reduction each in interest rates on Public Provident Fund (PPF) and Senior Citizen Savings Scheme (SCSS) to be effective from the fiscal beginning April 1, 2013. The rate of interest on PPF has been lowered from 8.8 per cent to 8.7 per cent with effect from April 1, 2013, RBI said in a notification. The rate of interest on 5 year SCSS has been reduced to 9.2 per cent from 9.3 per cent for the entire 2013-14 fiscal, it said.
RBI said the new rates will come into force from April 1, 2013 following government's memorandum on March 25, 2013 which advised rate of interest on various small savings schemes for the financial year 2013-14. RBI said banks should bring this content to the notice of their branches operating PPF and SCSS accounts. It also said the new rates should also be displayed on the notice boards of their branches for information of the PPF and SCSS subscribers.
Following government's decision earlier this week, millions of small savers and PPF account holders will earn less on their post office savings schemes. However, government kept unchanged rates on savings on deposit schemes and on fixed deposit of up to one year run by post offices at 4 per cent and 8.2 per cent respectively. Further, post office Monthly Income Schemes (MIS) of 5 year maturity will earn an interest of 8.4 per cent.
The National Savings Certificates (NSC)
06:51 PM, Mar 28, 2013
Mumbai: The finance ministry has lowered interest rates on Public Provident Fund (PPF), five-year and 10-year National Savings Certificates (NSC) by 0.1 per cent each, with effect from April 1. Interest rate on PPF has been cut to 8.7 per cent from 8.6 per cent, five-year NSC to 8.5 per cent from 8.6 per cent and that of 10-year NSC to 8.8 per cent from 8.9 per cent. Interest rate...
02:54 PM, Mar 25, 2013
A plan to seize up to 10 per cent of savings accounts in Cyprus to help pay for a (EURO)15.8 billion ($20.4 billion) financial bailout was met with fury on Monday, and the government shut down banks until later this week while lawmakers wrangled over how to keep the island nation from bankruptcy. ...
06:35 AM, Mar 19, 2013
The Budget is just around the corner and in CNN-IBN's 'Axe the tax', people demand increase in tax exemption limit to at least Rs 2 lakh, which may encourage more savings and boost saving options. ...
05:05 PM, Feb 23, 2013
In the run up to the Budget, CNN-IBN's Axe the Tax campaign looks at how does one save for their retirement and family. But the question is whether the government is encouraging the Indian citizens to put away enough. ...
09:24 AM, Feb 18, 2013
Union Finance Minister P Chidambaram will launch the Rajiv Gandhi Equity Savings Scheme (RGESS) in Mumbai on Saturday, an official statement said. ...
03:39 AM, Feb 09, 2013
Mumbai: Indians are the most confident when it comes to the current level of savings, with 39 per cent believing that they are well prepared for retirement, says a study by global management consulting, technology services and outsourcing firm Accenture. Indians, followed by Chinese and Americans, are the most confident about savings with 39 per cent, 28 per cent and 21 per cent respectively, believing that they are saving enough...
08:42 PM, Aug 06, 2012
New Delhi: Millions of small investors will get better returns on popular post office schemes like Public Provident Fund (PPF) and Monthly Income Scheme (MIS), with the government hiking interest rates on such schemes by up to 0.5 per cent with effect from April 1. Interest rate on PPF have been increased to 8.8 per cent from 8.6 per cent, while MIS will attract 8.5 per cent interest as against...
09:57 PM, Mar 26, 2012
New Delhi: The Finance Ministry is considering to reduce the lock-in period for Rajiv Gandhi Equity Savings Scheme to one year from the proposed three years to make it more attractive to retail investors. "The investors can put money in top 100 companies listed in BSE and NSE (under the scheme). We are looking at reducing the lock-in period requirement," said an official source. Sources said, however, that investors will...
04:51 PM, Mar 21, 2012
New Delhi: Finance Minister Pranab Mukherjee is all set to present the Union Budget in Parliament on Friday. This will be his seventh and it comes against the backdrop of slowing growth and burgeoning fiscal deficit. The government will have to do a balancing act, by raising taxes and at the same time giving incentives to boost investor confidence. A balancing act is needed in a bid to spur growth....
07:29 AM, Mar 16, 2012
Mumbai: The banking shares were reeling under selling pressure after the Reserve Bank of India (RBI) raised repo rate by 25 bps while keeping cash reserve ratio (CRR) rate unchanged. Meanwhile, the adjusted reverse repo now stands at 7.5 per cent. The RBI has revised its fiscal year 2012 GDP growth projection downwards to 7.6 per cent. However, it has kept its March-end inflation projection unchanged at 7 per cent....
12:19 PM, Oct 25, 2011
Melbourne: Indian telephone operators are back in news in Australia after the consumer authorities warnings about a telephone scam running from India which is said to have costed an Australian pensioner her life savings. The scammers contacted Perth-based 80-year-old Edna Sloan pretending to be from the Australian Tax Office. They told her that she would be eligible for grants worth tens of thousands of dollars if she sent them some...
08:30 AM, Jun 07, 2011
Mr Rajan Daani explains things he would do for 2011 budget if hhe were to step into Pranab Mukherjee's shoes. ...
09:51 AM, Feb 10, 2011
A double-digit inflation is eating away most of your hard-earned money. ...
10:00 AM, Feb 09, 2011
Post budget: Is this the right time to invest in a house? ...
11:41 PM, Mar 03, 2010
Finance Minister Pranab Mukherjee will present the Union Budget on Feb 26. ...
09:17 PM, Feb 27, 2010
CJ Abhishek Jain had appealed FM to hike savings exemptions. ...
11:42 PM, Feb 26, 2010
Parents end up paying over 20 lakhs per child, till graduation. ...
03:28 AM, Sep 14, 2009
Today, you can be just as financially independent as any other person. ...
04:14 PM, May 29, 2009
You could safely say that your idle money is going to make you far richer! ...
12:41 PM, Apr 22, 2009
