Govt permits banks to sell more small savings schemes like NSCs, MIS

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The govt permits banks, as well as prime three non-public lenders, to simply accept deposits below tiny savings schemes like NSCs, MIS. Until now, these tiny savings schemes were sold-out through post offices

In order to encourage savings, the govt has allowed banks, as well as prime 3 non-public sector lenders, to simply accept deposits below numerous tiny savings schemes like National Savings Certificate (NSC), revenant Deposits and Monthly financial gain theme (MIS). Until now, most of the little savings schemes were sold-out through post offices.

According to a recent government notification, banks may also sell National Savings CD theme 1981, National Savings (Monthly financial gain Account) theme 1987, National Savings revenant Deposit theme 1981 and National Security Council VIII issue.

As per the notification, all public sector banks and prime 3 within the non-public sector — ICICI Bank, HDFC Bank and Axis Bank — to receive subscription from the swollen portfolios. So far, these banks were allowed to receive subscription below Public Provident Fund, Kisan Vikas Patra-2014, Sukanya Samriddhi Account, grownup Savings Scheme-2004.

Increased shops for marketing tiny savings theme would end in higher mobilisation below the theme.
Last month, the govt unbroken unchanged interest rates on tiny savings schemes for the October-December quarter. Since Apr last year, interest rates on all tiny saving schemes are recalibrated on a quarterly basis.

Investments within the public provident fund (PPF) theme can fetch annual rate of 7.8% whereas Kisan Vikas Patra (KVP) investments can yield 7.5% and mature in a hundred and fifteen months. The one for woman kid savings, Sukanya Samriddhi Account theme can provide eight.3% annually.
Similarly, the investment on 5-year Senior voters Savings theme can yield 8.3%. The rate of interest on the senior voters theme is paid quarterly.

On the premise of the choice of the govt, interest rates for tiny savings schemes area unit to be notified on a quarterly basis since one Apr 2016, the ministry same whereas notifying the rates for third quarter of monetary year 2017- 18.



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