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Interest Rates on Small Saving Schemes

Part of: GS Prelims and GS-III – Economy

In news

Government may reduce interest rates on small saving schemes for the July – September Quarter.
A cut in small savings rates at this point would further hurt households amid increase in inflation.

About Small Saving Schemes/Instruments

They are the major source of household savings in India and comprises 12 instruments.
The depositors get an assured interest on their money.
Collections from all small savings instruments are credited to the National Small Savings Fund (NSSF).
Small savings have emerged as a key source of financing the government deficit.

Small savings instruments can be classified as

Postal Deposits comprising savings account, recurring deposits, time deposits of varying maturities and monthly income scheme.
Savings Certificates: National Small Savings Certificate (NSC) and Kisan Vikas Patra (KVP).
Social Security Schemes: Sukanya Samriddhi Scheme, Public Provident Fund (PPF) and Senior Citizens‘ Savings Scheme (SCSS).

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