Small savings schemes interest rate cut by 0.1%

Written By Admin,PoTools on Sep 30, 2016 | 9:43 PM

Rate of interest on small savings schemes have been cut marginally by 0.1%. The popular National Savings Certificate and Public Provident Fund (PPF) will see their interest rates come down to 8.0% in October-December quarter from 8.1% in April-Jul quarter. Interest rates for small savings schemes are reset every quarter now. 

The Kisan Vikas Patra will now pay out 7.7% instead of 7.8% and mature in 112 months instead of 110. 

Senior citizens deposit scheme will now fetch 8.5%. Interest rate on Monthly Income Account scheme will come down to 7.7% from 7.8% in the previous quarter. The new rates will come into effect from October 1 and will remain in force till December 31. Interest rate for savings deposit remains unchanged at 4%, according to the notification issued by the finance ministry late Thursday. 

Instructions on Account Opening in DOP Finacle in connection with Change of Interest Rate w.e.f 01/10/2016

Written By Admin,PoTools on Oct 1, 2016 | 1:54 PM

Dear CPC Teams,

Kindly note that interest rates have been revised with effect from 01-Oct-2016.

Please instruct all the SOLs to compare the maturity date in General tab with the maturity date in Flow tab and the maturity & interest flow values, at the time of opening accounts in CMISAOP, CMISAOPM, CSCAOP, CSCAOPM menus carefully before clicking on submit. This should be strictly followed if the user had visited the flow tab once and later modifies the value date or deposit amount.

We had earlier seen cases (during previous interest rate changes) that if the deposit amount or value-date of account opening fields are modified after visiting flow tab, the interest flow and maturity date/value do not get regenerated in some cases. If there is any such mismatch in maturity date/amount, the user can exit the account opening menu without clicking submit. This will help the SOLs in avoiding accounts getting opened with wrong maturity date or wrong interest flow.

Thanks & regards,

CEPT - FSI Team

THANKS TO : POTOOLS