**Summary:**
This circular, RBI201617267 DGBA.GAD.261815.02.005201617 dated April 6, 2017, issued by the Reserve Bank of India (RBI), addresses the interest rates for Small Savings Schemes. It is directed to the Chairman/Chief Executive Officer of Agency Banks handling Public Provident Fund, Kisan Vikas Patra 2014, Sukanya Samriddhi Account, and Senior Citizen Savings Scheme 2004. The circular references a previous communication, DGBA.GAD.201215.02.005201617 dated February 9, 2017, on the same subject. The primary purpose is to communicate the Government of India's advised rate of interest on various small savings schemes for the first quarter of the financial year 2017-18, as outlined in Office Memorandum OM No.F.No.142016NS.II dated March 31, 2017. Agency Banks are instructed to notify their branches operating Government Small Saving Schemes and display this information on notice boards for subscribers. The circular is signed by Harsha Vardhan, Manager, RBI.
Key Entities Referenced
Public Provident Fund: A Government of India savings scheme intended to provide long-term financial security to individuals.
Kisan Vikas Patra 2014: A savings certificate scheme launched by the Government of India in 2014.
Sukanya Samriddhi Account: A savings scheme launched by the Government of India specifically for the benefit of the girl child.
Senior Citizen Savings Scheme 2004: A savings scheme launched by the Government of India in 2004 providing higher interest rates to senior citizens.
Agency Banks: Banks authorized by the Reserve Bank of India (RBI) to handle transactions related to Public Provident Fund, Kisan Vikas Patra 2014, Sukanya Samriddhi Account, Senior Citizen Savings Scheme2004.
Reserve Bank of India: India's central bank, responsible for regulating the banking system and managing the country's currency.
Harsha Vardhan: Manager at Reserve Bank of India (RBI).
Government Small Saving Schemes: Various savings schemes offered by the Government of India, including Public Provident Fund, Kisan Vikas Patra, Sukanya Samriddhi Account and Senior Citizen Savings Scheme.
RBI/2016-17/267
DGBA.GAD.2618/15.02.005/2016-17 April 6, 2017
The Chairman/Chief Executive Officer
Agency Banks handling Public Provident Fund, Kisan Vikas Patra- 2014,
Sukanya Samriddhi Account, Senior Citizen Savings Scheme-2004
Dear Sir
Interest rates for Small Savings Schemes
Please refer to our circular DGBA.GAD.2012/15.02.005/2016-17 dated February 9,
2017 on the above subject. The Government of India, had vide their Office
Memorandum (OM) No.F.No.1/4/2016–NS.II dated March 31, 2017 advised the rate of
interest on various small savings schemes for the first quarter of the financial year 2017-
18 (copy enclosed).
2. 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.
Yours faithfully
(Harsha Vardhan)
Manager
Encl : as above