Reserve Bank of India (RBI) notifies new rates for small saving scheme.
The Reserve Bank of India (RBI), the central banking authority of the country, on March 28, 2013 notified 0.1 per cent reduction each in the interest rates on Public Provident Fund (PPF) and Senior Citizen Savings Scheme (SCSS) to be effective from 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, the 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 entire 2013-14 fiscal, it said.
Reserve Bank of India lowered the rates following the government of India’s memorandum on March 25, 2013 which advised rate of interest on various small savings schemes for the financial year 2013-14.