Mumbai: The Reserve Bank of India on Thursday 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 quarter (April-June).
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 a quarterly basis.
The interest rate on the savings deposit is 4 per cent, while that on the five-year recurring deposit and five-year senior citizens savings scheme is 7.4 per cent and 8.6 per cent, respectively.
Public Provident Fund Scheme earns an interest rate of 8.1 per cent and Kisan Vikas Patra 7.8 per cent (maturity period of 110 months).
The interest rate on Sukanya Samriddhi Account Scheme is 8.6 per cent.
In another notification, the 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.
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