The central government of India has allowed banks to accept deposits under various small savings schemes
- The decision is taken to encourage the tendency of savings among people.
- All the public sector banks including top three private sector 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.
- Earlier, these banks were allowed to receive subscription under Public Provident Fund, Kisan Vikas Patra-2014, Sukanya Samriddhi Account and Senior Citizen Savings Scheme-2004.
- Investments in the public provident fund (PPF) scheme will fetch annual rate of 7.8 percent
- Kisan Vikas Patra (KVP) investments will yield 7.5 percent and mature in 115 months.
- The one for girl child savings, Sukanya Samriddhi Account Scheme will offer 8.3 per cent annually.
- Investment on 5-year Senior Citizens Savings Scheme will yield 8.3 percent and is paid quarterly.
