PPF LIMIT RAISED ONE LAKH PPF INTEREST RATE 8.6% INCREASED

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Govt has increased Limit in PPF account to 1,00,000 and increased interest rate on PPF Account to 8.6 % from  earlier 8 % Further few more changes has also been proposed in other schemes.we will update effective date as soon as confirmed.
  1. PPF Investment limit raised to 100000 from 70000.
  2. Interest on PPF account has been raised to 8.6 % from 8 %
  3. Interest on loan from PPF raised to 2 % from 1 %.
  4. Commission on PPF deposit has been abolished.
Update : Interest rate on GPF (general provident fund) has been increased to 8.6 % wef 01.12.2011
Interest rate has been increased to 8.8 % wef 01.04.2012
Committee on Nation Saving Scheme has also recommended above Changes as detailed below.
  1. The Committee recommends an upward revision in the investment limit to `1 lakh. 
  2. Committee recommends that the rate of interest on advances against deposits may be fixed at 2 percentage points higher than the prevailing interest rate on PPF (as against 1 per cent at present).
Other Major changes.
  1. KVP(kissan Vikas Patra ) also discontinued.
  2. NSC maturity period reduced to 5 years , new NSC with maturity period of 10 years will also be issued
  3. Interest on NSC has been increased  to 8.4 % from 8 %
  4. Interest on Post office savings account raised to 4 % from 3.5 % earlier.
  5. Commission to agent on all saving schemes reduced to 0.50 % from earlier 1 %.
  6. Commission to agent on PPF and Senior citizen scheme also abolished. 
Recommendation of committee on NSC with has been approved by Government.

(i) Two NSC instruments would be available with maturities of 5 years and 10 years;
(ii) The interest rates would be  bench marked to 5 year and 10 year government securities;

New interest rate is given below
Interest Rates on Small Savings Instruments
  1. The rate of interest paid under Post Office Savings Account (POSA) will be increased from 3.5% to 4% p.a.
  2. The rate of interest on small savings schemes will be 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. The interest rates for every financial year will be notified before 1 st April of that year.
  3. Assuming the date of implementation of the recommendations of the Committee as 1st December, 2011, the rate of interest on various small savings schemes for current financial year on the basis of the interest compounding/payment built in the schemes, will be as given below (See chart)
  4. Payment of 5% bonus on maturity of MIS will be discontinued.
Instrument
rate up to 30.11.11
01.12.2011
Savings Deposit 3.50 4.0
3.50
4.00
1 year Time Deposit
6.25
7.70
2 year Time Deposit
6.50
7.80
3year Time Deposit
7.25
8.00
5 year Time Deposit
7.5
8.30
5 year Recurring Deposit
7.5
8.00
5-year SCS
9.00
9.00
5 year MIS
8.00
8.20
5 year NSC
8.00
8.40
10 year NSC
New
8.70
PPF
8.00
8.60

Update : Interest rate on GPF (general provident fund) has been increased to 8.6 % wef 01.12.2011

Interest rate has been increased to 8.8 % wef 01.04.2012
Update :Interest rate on all schemes has been changed wef 01.04.2012 as under.Read notification here




w.e.f. 1.12.2011
w.e.f. 1.4.2012
Savings Deposit
4.0
4.0
1 year Time Deposit
7.7
8.2
2 year Time Deposit
7.8
8.3
3 year Time Deposit
8.0
8.4
5 year Time Deposit
8.3
8.5
5 year Recurring Deposit
8.0
8.4
5 year SCSS
9.0
9.3
5 year MIS
8.2
8.5
5 year NSC
8.4
8.6
10 year NISC
8.7
8.9
PPF
8.6
8.8

Commission to Agents reduced/Abolished.
Commission to Agents
(i) Payment of commission on PPF schemes (1%) and Senior Citizens Savings Scheme (0.5%) will be discontinued.
(ii) Agency commission under all other schemes (except MPKBY agents) will be reduced from existing 1% to 0.5%.
(iii) Commission at existing rate of 4% will continue for Mahila Pradhan Kshetriya Bachat Yojana (MPKBY) agents.
(iv) Incentives, if any, paid by the State/UT Governments will be reduced from the commission paid by the Central Government.
Download Complete Decision by The Govt Press release
Read Notifications in this regards from here
Update : Interest rate on GPF (general provident fund) has been increased to 8.6 % wef 01.12.2011
Interest rate has been increased to 8.8 % wef 01.04.2012

EPF INTEREST RATE REDUCED TO 8.25 % FROM 9.5 % | SIMPLE ...

Read more: http://www.simpletaxindia.net/#ixzz1pzi6Oxuu
 
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