Public Provident Fund Scheme, 1968 (PPF Scheme, 1968) and Senior Citizens Savings Scheme, 2004 (SCSS, 2004) – Revision of interest rates
The Government of India has revised rates of interest on various small savings schemes for the financial year 2014-15, Savings deposits of up to two years will fetch 8.4% against 8.2% earlier. But unfortunately there is no change in the interest rates of Public Provident Fund and Senior Citizens Savings Scheme, both of these scheme will fetch same interest as in the previous year at 8.7% p.a.
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. |
Read more: http://www.indiantaxupdates.com/2014/03/23/interest-rates-public-provident-fund-remains-unchanged-wef-1st-april-2014/#ixzz2wr8VAcms
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