Changes in interest rates from 01.12.2011 - Points to Remember

Ø Higher interest Rates will not only award for small investors but also make more cash available to the Government Instrument   Current Proposed Ø The maturity period for MIS and NSC will be cut to 5 years from 6 years Ø A new NSC instrument with 10 year   maturity soon Ø Kisan Vikas patras (KVP) will be discontinued ØInvestment ceiling on PPF will be increased from ` 70000 to ` 1 lakh Ø Rates on loan against PPF will be increased to 2 % from 1 % p.a Ø New interest applicable for balance at credit in account from 01.12.2011 Savings deposit 3.5 % 4 % 1 – Year Fixed deposit 6.25 % 7.7 % 2 Year Fixed deposit 6.5 % 7.8 % 3 – Year Fixed deposit 7.25 % 8.0 % 5 – Year fixed deposit 7.5 % 8.3 % 5- year Recurring deposit 7.5 % 8.0 % 5 Year SCSS 9.0 % 9.0 % 5 Year MIS ( No Bonus) 8.0 8.2 % 5 Year NSC 8.0 8.4 % 10 Year NSC (New Instrument) ------ 8.7 % PPF 8.0 % 8.6 % savings Bank Schemes interests are going to be changed w.e f 01-12-2011 Points to remember Investment in KVP through Cheque should not be accepted w.e.f. 28.11.2011. If any cheque presented before 28.11.2011 is cleared after 30.11.2011, the amount should be refunded to depositor. After 25.11.2011 while accepting cheques for opening MIS, rubber stamp should be affixed on counterfoil “No Bonus shall be payable if cheque is credited to Govt. Account after 30.11.201 Rate of interests applicable according to the Date of Clearance of cheque To download order Please click SB ORDER Share and Care

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