Dear Comrades,
The details of saving deposits
with Banks and Gross and Net Small Savings Collections during 2009-10, 2010-11,
2011-12 and during the current year are given below:-
(Rs. In Billion)
|
|
2009-10
|
2010-11
|
2011-12
|
2012-13
|
|
Saving Deposits with Banks
|
11,367
|
12,855
|
14,442
|
15,578(April-August)
|
|
Gross Small Savings Collections
|
2509.3
|
2,747.2
|
2,190.0
|
516.7 (April-June)
|
|
Net Small Savings collections
|
643.5
|
586.5
|
6.5
|
(-) 19.2 (April-June)
|
While the saving deposits with banks
have a positive growth, there has been a decline in gross and net small savings
collections.
The Government, inter
alia, has taken the following decisions with regard to interest rates and other
measures for making small saving schemes attractive:-
1.
The rate of interest on small savings schemes has been
aligned with G-Sec rates of similar maturity, with a spread of 25 basis points
(bps) with two exceptions. The spread on
10 year NSC (new Instrument) will be 50 bps and on Senior Citizens Savings
Scheme 100 bps.
2.
The rate of interest on Post Office Savings Account
(POSA) has been increased from 3.5 % to 4%.
The ceiling of maximum balance in POSA (Rs. 1 lakh
in single account and Rs. 2 lakh in joint account)
has been removed.
3.
The maturity period for Monthly Income Scheme (MIS) and
National Savings Certificate (NSC) has been reduced from 6 years to 5 years.
4.
A new NSC instrument, with maturity period of 10 years,
is being introduced.
5.
The annual ceiling on investment under Public Provident
Fund (PPF) Scheme has been increased from Rs. 70,000 to Rs. 1 lakh.
6.
Liquidity of Post Office Time Deposit (POTD)-1,2,3 & 5 years – has been improved by allowing pre-mature
withdrawal at a rate of interest 1% less than the time deposits of comparable
maturity. For pre-mature withdrawals
between 6-12 months of investment, Post Office Savings Account (POSA) rate of
interest will be paid.
The Reserve Bank of India has also deregulated the savings bank
deposit interest rate effective October 25, 2011. Banks are now free to determine their savings
bank deposit interest rate, subject to the following two conditions: First,
each bank will have to offer a uniform interest rate on savings bank balances
up to Rs. 1 lakh, irrespective of the amount in the
account within this limit. Second, for
savings bank balances over Rs. 1 lakh a bank may
provide differential rates of interest, if it so chooses.
This was stated by the Minister
of State for Finance, Shri Namo
Narain Meena in written reply to a question in the Rajya Sabha today.
DSM/RS/bs(Release ID :87019)PIB
