{"id":34517,"date":"2018-10-31T11:39:10","date_gmt":"2018-10-31T06:09:10","guid":{"rendered":"https:\/\/blog.forumias.com\/?p=34517"},"modified":"2018-10-31T11:39:10","modified_gmt":"2018-10-31T06:09:10","slug":"govt-permits-banks-to-sell-more-small-savings-schemes-like-nscs-mis","status":"publish","type":"post","link":"https:\/\/forumias.com\/blog\/govt-permits-banks-to-sell-more-small-savings-schemes-like-nscs-mis\/","title":{"rendered":"Govt permits banks to sell more small savings schemes like NSCs, MIS"},"content":{"rendered":"<p><a href=\"http:\/\/www.livemint.com\/Industry\/G7OVPD3FKCFEsGcsGZrenI\/Govt-permits-banks-to-sell-more-small-savings-schemes-like-N.html\">Govt permits banks to sell more small savings schemes like NSCs, MIS<b><\/b><\/a><\/p>\n<p><b>Context<\/b><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The govt allows banks, including top 3 private lenders, to accept deposits under small savings schemes like <\/span><b>national saving certificates (NSCs), Recurring deposits and Monthly income scheme (MIS)<\/b><span style=\"font-weight: 400;\">. Until now, these small savings schemes were sold through post offices<\/span><\/li>\n<\/ul>\n<p><b>About notification<\/b><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">According to a recent government notification, banks can also sell National Savings Time Deposit Scheme 1981, National Savings (Monthly Income Account) Scheme 1987, National Savings Recurring Deposit Scheme 1981 and NSC VIII issue<\/span><\/li>\n<li style=\"font-weight: 400;\"><b>All public sector bank<\/b><span style=\"font-weight: 400;\">s and top three in the private sector \u2014<\/span><b> ICICI Bank, HDFC Bank and Axis Bank<\/b><span style=\"font-weight: 400;\"> \u2014 to receive subscription from the expanded portfolios. So far, these banks were allowed to receive subscription under <\/span><b>Public Provident Fund, Kisan Vikas Patra-2014, Sukanya Samriddhi Account, Senior Citizen Savings Scheme-2004<\/b><\/li>\n<\/ul>\n<p><b>Impact <\/b><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Increased outlets for selling small savings scheme would result in <\/span><b>higher mobilisation <\/b><span style=\"font-weight: 400;\">under the scheme.<\/span><\/li>\n<\/ul>\n<p><b>Interest rate on various schemes<\/b><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Public provident fund (PPF) scheme will fetch annual rate of 7.8% <\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Kisan Vikas Patra (KVP) investments will yield 7.5% and mature in 115 months.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Sukanya Samriddhi Account Scheme will offer 8.3% annually.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The investment on 5-year Senior Citizens Savings Scheme will yield 8.3%. The interest rate on the senior citizens scheme is paid quarterly.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Interest rates for small savings schemes are to be notified on a quarterly basis since 1 April 2016,<\/span><\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Govt permits banks to sell more small savings schemes like NSCs, MIS Context The govt allows banks, including top 3 private lenders, to accept deposits under small savings schemes like national saving certificates (NSCs), Recurring deposits and Monthly income scheme (MIS). Until now, these small savings schemes were sold through post offices About notification According&hellip; <a class=\"more-link\" href=\"https:\/\/forumias.com\/blog\/govt-permits-banks-to-sell-more-small-savings-schemes-like-nscs-mis\/\">Continue reading <span class=\"screen-reader-text\">Govt permits banks to sell more small savings schemes like NSCs, MIS<\/span><\/a><\/p>\n","protected":false},"author":61,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[555],"tags":[],"class_list":["post-34517","post","type-post","status-publish","format-standard","hentry","category-test-1","entry"],"jetpack_featured_media_url":"","views":{"total":0,"cached_at":"","cached_date":1704822051},"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/34517","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/users\/61"}],"replies":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/comments?post=34517"}],"version-history":[{"count":0,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/34517\/revisions"}],"wp:attachment":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/media?parent=34517"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/categories?post=34517"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/tags?post=34517"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}