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New rates of interest for small savings schemes
By Our Special Correspondent
NEW DELHI
FEB. 28.
With the reduction in small savings interest rates by half a percentage point (50 basis points), the new rates of interest on small savings are as follows:
* Post Office savings: 3.5 %
* PO time deposit (1 year): 7.25 %
* PO time deposit (2 years): 7.5%
* PO time deposit (3 years): 8.25%
* PO time deposit (5 years): 8.5%
* National Savings Scheme, 1992: 8.5%
* PO monthly income account: 9% (plus 10% on maturity)
* Public Provident Fund: 9.0%
* Deposit scheme for retiring Govt. employees: 8.0 %
The maturity values/period for PO recurring deposit accounts, National Savings Certificates (VIII Issue) and Kisan Vikas Patras are also being revised by reducing the rates of interest payable on these schemes. KVPs will now double in seven years and eight months instead of seven years and three months. In order to make the necessary arrangements, acceptance of deposits under all the schemes, except PPF, will be suspended and will open not later than March 7.
Simultaneously, interest payable on relief bonds has been reduced from 8.5 per cent to 8 per cent per annum with effect from March 1, 2002.
The post maturity interest on relief bonds issued under the schemes in 1987, 1993, 1995, 1999 and 2001 which have matured but not encashed or maturing hereafter will be payable at 8 per cent with effect from March 1, 2002.
The maximum limit for investment in the bonds shall be Rs. 2 lakhs per annum with effect from March 1, 2002.
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