The
Small Savings Schemes, carrying different terms and rates of interest
administered by Government of India, are designed to provide safe and
attractive option to all individuals who invest in these savings schemes. Banks
have been given freedom by Reserve Bank of India (RBI) to fix their rates on
domestic term deposits of various maturities. According to the information
given to the Parliament recently, interest rates on Small Savings Schemes have
been aligned with Government Securities rates of similar maturity with a spread
of 25 basis points (bps) with two exceptions. The spread on 10 year NSC will be
50 bps and on Senior Citizens Savings Scheme 100 bps. The interest rates for
every financial year are notified before 1st April of that year. Therefore,
interest rates of Small Savings Schemes are not comparable with the rates being
offered by the Banks for their various term deposit schemes. However, presently
interest offered on Small Saving by Post Offices on all tenors is higher than
the modal deposit rate offered by the Scheduled Commercial Banks (SCBs) on all
tenors.
The
Parliament was informed that the Central and State Governments take various
measures from time to time to promote and popularize Small Savings Schemes
through print and electronic media as well as holding seminars, meetings and
providing training to the various agencies involved in mobilizing deposits
under various Small Savings Schemes. Further, with a view to sustaining
investor’s interest in the Small Savings Schemes, the features of the schemes
are reviewed from time to time and various improvements and amendments in the
schemes are introduced.
Source : PIB
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