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BANKER TO GOVERNMENTS AND BANKS

Like individuals, businesses and banks, the Governments also need a banker to carry out their financial transactions in an efficient and effective manner. Managing Government banking transactions is a key function assigned to the Reserve Bank. On the other hand, banks need their own mechanism to transfer funds and settle inter-bank transactions such as borrowing from and lending to other banks and customer transactions. As the Banker to banks, the Reserve Bank fulfills this role.

(85 kb)
Date : Oct 13, 2016
Revision of interest rates for Small Savings Schemes

RBI/2016-17/82
DGBA.GAD.881/15.02.005/2016-17

October 13, 2016

The Chairman/Chief Executive Officer
Agency Banks handling Public Provident Fund, Kisan Vikas Patra- 2014,
Sukanya Samriddhi Account, Senior Citizen Savings Scheme-2004

Dear Sir

Revision of interest rates for Small Savings Schemes

Please refer to our circular DGBA.GAD.13/15.02.005/2016-17 dated July 7, 2016 on the above subject. The Government of India, had vide their Office Memorandum (OM) No.F.No.1/04/2016–NS.II dated September 29, 2016 and Notification No.5(4)-B(PD)/2016 dated October 3, 2016 advised the revised rate of interest on various small savings schemes for the third quarter of the financial year 2016-17 (copies enclosed).

2. The contents of this circular may be brought to the notice of the branches of your bank operating Government Small Saving Schemes for necessary action. These should also be displayed on the notice boards of your branches for information of the subscribers to these Schemes.

Yours faithfully

(V.S. Prajish)
Assistant General Manager

Encl : as above

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