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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.

(166 kb)
Date : Apr 12, 2018
Interest rates for Small Savings Schemes

RBI/2017-18/160
DGBA.GBD. 2573/15.02.005/2017-18

April 12, 2018

The Chairman/Chief Executive Officer
Agency Banks handling Small Saving Schemes

Dear Sir

Interest rates for Small Savings Schemes

Please refer to our circular DGBA.GBD.1781/15.02.005/2017-18 dated January 11, 2018 on the above subject. The Government of India, has vide their Office Memorandum (OM) No.F.No.01/04/2016–NS dated March 28, 2018 has stated that the interest rates on Small Savings Schemes for the first quarter of financial year 2018-19 starting 1st April , 2018 shall remain unchanged from those notified for the fourth quarter of FY 2017-18 (copy 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

(Harsha Vardhan)
Manager
Encl : as above
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