RBI notifies rates for small saving schemes for Q2

Reserve Bank on July 7 notified the interest rates for different small savings schemes for the quarter ending September.

The interest rates have been retained as they were for the previous April-June quarter.

On the basis of the decision of the government, interest rates for small savings schemes, like Public Provident Fund Scheme and Kisan Vikas Patra, are notified on quarterly basis.

Interest rate on savings deposit is 4 percent, while for 5-year recurring deposit and 5-year senior citizens savings scheme is 7.4 percent and 8.6 percent, respectively.

Public Provident Fund Scheme earns interest rate of 8.1 percent and Kisan Vikas Patra 7.8 percent (110 months maturity period).

The interest rate on Sukanya Samriddhi Account Scheme is 8.6 percent.

In another notification, RBI said that on a review of the reporting requirements and to reduce the burden of compliance, banks are advised to discontinue submission of such reports with immediate effect.

"They may, however, maintain records of such invocations and furnish the required details to RBI whenever sought," it added.

Meanwhile, the RBI has cancelled the Certificate of Registration issued to 'Ceejay Finance Limited' as Deposit Taking Non-Banking Finance Company (NBFC-D).

"The company is now eligible only to operate as a Non-Deposit Taking Non-Banking Financial Company (NBFC-ND)," the central bank said.

As such, the company cannot accept public deposits.