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Date: 21/03/2014
Public Provident Fund Scheme, 1968 (PPF Scheme, 1968) and Senior Citizens Savings Scheme, 2004 (SCSS, 2004) - Revision of interest rates

RBI/2013-14/526
DGBA.CDD. No. 5342 /15.02.001/2013-14

March 21, 2014

The Chairman and Managing Director/Managing Director
Head Office, Government Accounts Department
State Bank of India/State Bank of Bikaner & Jaipur/
State Bank of Hyderabad/State Bank of Mysore/
State Bank of Patiala/ State Bank of Travancore/
Andhra Bank/Allahabad Bank/Bank of Baroda/Bank of India/
Bank of Maharashtra/Canara Bank/Central Bank of India/
Corporation Bank/Dena Bank/Indian Bank/ Indian Overseas Bank/
Oriental Bank of Commerce/Punjab National Bank/Punjab & Sind Bank/
Syndicate Bank/UCO Bank/Union Bank of India/United Bank of India/
Vijaya Bank/IDBI Bank Ltd./ICICI Bank Ltd.

Madam/Dear Sir,

Public Provident Fund Scheme, 1968 (PPF Scheme, 1968) and
Senior Citizens Savings Scheme, 2004 (SCSS, 2004) - Revision of interest rates

Please refer to our circular RBI/2011-12/359 dated January 20, 2012 regarding interest rates on small savings schemes, wherein it was indicated that as per Government’s decision on revision of interest on small savings schemes, the interest rates on various small savings schemes for every financial year will be notified by the Government before April 1st of that year.

The Government of India has now vide their Office Memorandum (OM) No. 6-1/2011-NS.II dated 4th March 2014, advised the rate of interest on various small savings schemes for the financial year 2014-15. Accordingly, the rates of interest on PPF, 1968 and SCSS, 2004 for the financial year 2014-15, effective from April 01, 2014, on the basis of the interest compounding/payment built-in in the schemes, will be as under:

Scheme

Rate of Interest w.e.f.
01.04.2013

Rate of Interest w.e.f. 01.04.2014

5 Year SCSS, 2004

9.2% p.a.

9.2% p.a.

PPF, 1968

8.7% p.a.

8.7% p.a.

The contents of this circular may be brought to the notice of the branches of your bank operating the PPF, 1968 and SCSS, 2004 schemes. These should also be displayed on the notice boards of your branches for information of the PPF, 1968 & SCSS, 2004 subscribers.

Yours faithfully

(Shrikant Hamine)
Manager

 
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