PPF,NSC,MIS,Senior Citizen Savings Scheme Rates for 2013-2014

The government has decided to lower the interest rates on interests like Public Provident Fund, National Savings Certificate and Senior Citizen’s Savings Scheme. The new rates will come into effect from April 1, 2013 and would be applicable for the entire 2013-14 financial year.

The interest rate of Public Provident Fund (PPF) has been lowered from 8.8% to 8.7%.

Monthly Income Schemes (MIS) of 5 year maturity will earn an interest of 8.4%.

The National Savings Certificates (NSC) having maturity of five and 10 years will now attract 8.5% and 8.8% interest respectively, down 0.10% each from earlier 8.6% and 8.9% respectively.

The rate for senior citizens savings scheme (SCSS) will now stand at 9.2%, down from 9.3%.

However, the interest rate on savings deposit and one-year term deposit remains unchanged at 4% and 8.2%, respectively.

The revision in interest rates follows a decision taken by government last year to link the small savings returns with the market rate. The new rates are to be notified every financial year, before April 1 of that year.

The decision based on with the recommendations of Shyamala Gopinath Committee, which had suggested that returns should be in sync with market rates determined by the returns offered by other securities.

Scheme Name Rate of Interest
w.e.f. 01.04.2012 (%)
Rate of Interest
w.e.f. 01.04.2013 (%)
Savings Deposit 4.0 4.0
1 Year Time Deposit 8.2 8.2
2 Year Time Deposit 8.3 8.2
3 Year Time Deposit 8.4 8.3
5 Year Time Deposit 8.5 8.4
5 Year Recurring Deposit 8.4 8.3
5 Year SCSS 9.3 9.2
5 Year MIS 8.5 8.4
5 Year NSC 8.6 8.5
10 Year NSC 8.9 8.8
PPF 8.8 8.7

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