The Reserve Bank of India (RBI), last day, notified the Interest rates applicable for Small Savings Schemes.
On 27th December, a circular was issued by the Finance Ministry prescribing the rate of interest applicable to various small saving schemes such as savings deposits, Time deposits, Recurring deposits, Sukanya Samridhi Account Scheme etc., for the fourth quarter of financial year 2017-18 starting 1st January 2018 to 31st march 2018.
As per the circular, the interest rate for most of the savings schemes was reduced.
The RBI Notification said that “The contents of this circular may be brought to the notice of the branches of your bank operating Government Small Saving Schemes for necessary action. These should also be displayed on the notice boards of your branches for information of the subscribers to these Schemes.”
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