The Reserve Bank of India (RBI) has recently released its fifth bi-monthly rate review of financial year 2019-20. Though the key interest rates have been kept unchanged, the RBI has been cutting the rates since February 2019.
There have been five consecutive rate cuts from RBI – in February, April, June & August of calendar year 2019. Also, the central bank has indicated that there is a possibility of further rate cuts in the near future. This signals a further downtrend in bank deposit and lending rates in India.
In view of the above, most of the banks and financial institutions have been reducing the interest rates on their deposits schemes, Bonds, NCD Public Issues etc.,
Contrary to some rate reduction that many were expecting, the Central Govt. has decided to keep ‘Post Office Small Saving Schemes Interest rates Jan – Mar 2020‘ unchanged.
The National Savings Schemes (NSSs) are one of the very popular saving schemes in India. These are regulated by the Ministry of Finance. They offer complete security of investment combined with attractive returns.
These schemes also act as instruments of financial inclusion especially in the geographically inaccessible areas due to their implementation primarily through the Post Offices, which have reach far and wide.
It is estimated that nearly $137 billion or over Rs. 9 lakh crore are tied up in small savings schemes.
Some of the very popular schemes which fall under NSS are as below;
The latest rates of interest applicable on various small savings schemes for the quarter from January to March 2020 effective from 1.1.2020 would be as below;
The latest rates of interest applicable on various small savings schemes for the last quarter from January to March 2020 effective from 1-1-2020 would be as below;
Kindly note that interest rates of Small Savings Schemes are now reviewed and reset (if any) on a quarterly basis.
The revised rates (if any) are applicable for all the new investments MADE during the respective period.
For the existing investments under all the schemes (EXCEPT PPF & SUKANYA SAMRIDDHI SCHEME), the contracted interest rate remains unchanged until maturity.
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(Post first published on : 31-Decemer-2019)
This post was last modified on July 12, 2023 4:35 pm
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Sir I have gifted a land to my through a lawyer's help. But now I find that there one check boundary
Is typed as 26 instead of 28. The errors is found both in power of attorney and gift deed how to correct it. Property is in Bangalore.
Dear rsatyasekaran,
To whom have you gifted the property?
Any error detected after registration of the concerned sale deed / gift deed, can be rectified by the execution of a supplementary document called “Rectification Deed”. This is also known as a Confirmation Deed or Correction Deed.
Kindly check with the concerned Sub-Registrar office..
Very good information. Tank you Mr. Srikanth Sir
Good info ... thanks author..