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 government has reduced interest rate on small savings schemes by 0.1 per cent for the July-September quarter of FY 2019-20 (except the interest rate on Savings Deposit account which is @ 4%).
The decision is aimed at matching the softening of interest rates in the banking sector after the RBI cut its benchmark policy rate thrice during the year.
The latest rates of interest applicable on various small savings schemes for the quarter from July to September 2019 effective from 1.07.2019 would be as below;
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(Post first published on : 28-June-2019)
This post was last modified on July 12, 2023 11:29 am
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very good article and i like this your post
thanks
Thanks for your article! I've few questions- I’m a salaried person in Pvt. company. Interest earned on EPF while I’m still working in that company, is taxable ? Do I need to show that income in ITR? If yes, where to show that interest income in ITR (club with FD interest as taxable income; or club with PPF interest as exempt income) ? And for both component of interest, employee and employer's share ?
Dear Bikas,
No, it is tax-exempt income.
You can disclose it as an exempt income.
Kindly read : EPF Interest Income & Withdrawals | Tax Implications | Is EPF Interest taxable?
Do I need to add both component of interest, employee and employer’s share ? Or only employee's share ?
Also please help me to identify the interest statement in EPFO passbook.
Is the below line shows the interest value considered for FY 2018-19?
Int. Updated upto 31/03/2018 5,099 1,739
Dear Bikas,
The total interest can be declared. You would have got FY 2017-18 interest during July-Dec 2018 period.
Dear Sir, thanks for quick response. But I could not get answer of my question-
Does the below line shows the interest value considered for FY 2018-19?
Int. Updated upto 31/03/2018 5,099 1,739
Thanks again for endeavor of helping people. God bless you!
Dear Bikas,
The interest amount for the period 2018-19 would be paid during July - Dec 2019 period.
Dear Sir,
Thank you for your reply.
But my EPF statement shows only one interest statement per year, like below-
Int. Updated upto 31/03/2017
Int. Updated upto 31/03/2018
I think the statement dated 31/03/2018 is the statement for FY2018-19. Kindly confirm if I'm right.
Dear Bikas,
Yes, it is for FY 2018-19 or ITR AY 2019-20 one.