Home › Circulars › RBI/2013-14/526

PPF and SCSS Interest Rates Unchanged for FY 2014-15

Current · Source: Reserve Bank of India · RBI/2013-14/526 · issued 21 Mar 2014 · ~1 min read

Quick answerRBI notified that PPF (1968) and SCSS (2004) interest rates remain unchanged at 8.7% and 9.2% respectively for FY 2014-15, effective April 1, 2014, as per Government of India's Office Memorandum.

The rule, in the simplest words

PPF (a long-term savings plan) and SCSS (a savings plan for old people) interest rates stay the same for the year starting April 1, 2014.
PPF gives 8.7% interest each year, and SCSS gives 9.2% interest each year.
Banks must tell all their branches about these same rates and put up a notice so customers can see.
Banks must update their computer systems to show these rates from April 1, 2014.

How it plays out — a real example

An agency-banking (government business) officer in Indore, Priya, checks the new circular and sees that PPF and SCSS rates are unchanged. She updates the branch notice board with the 8.7% and 9.2% rates, and tells her team to keep offering the same interest to customers opening new accounts from April 1, 2014.

What changed

The Government of India, via Office Memorandum dated March 4, 2014, confirmed the interest rates for small savings schemes for FY 2014-15. For PPF (1968) and SCSS (2004), the rates remain the same as the previous year: 8.7% p.a. for PPF and 9.2% p.a. for SCSS, effective from April 1, 2014.

What it means for you

Banks operating these schemes must continue offering the same interest rates, ensuring no disruption for subscribers. This stability helps banks in planning their deposit pricing and liquidity management, as these rates influence customer expectations for other savings products.

What you must do

Communicate the unchanged rates to all branches handling PPF and SCSS accounts.
Display the revised interest rate notification on branch notice boards for subscriber awareness.
Update internal systems and records to reflect the rates effective from April 1, 2014.

Who it affects

Banks authorized to operate PPF and SCSS accounts (e.g., SBI, nationalized banks, ICICI, IDBI), PPF and SCSS subscribers, Branch operations and customer service teams

❓ Common questions

Regulatory timeline

Stated effective date effective April 1, 2014
Decoded by BankPulse 2026-06-18 10:27 IST

Built from our lineage records — each fact carries its provenance; missing history simply is not shown (never guessed).

Are the interest rates for PPF and SCSS changing for FY 2014-15?

No, the rates remain unchanged from the previous year: PPF at 8.7% p.a. and SCSS at 9.2% p.a., effective April 1, 2014.

When do these rates become effective?

The rates are effective from April 1, 2014, for the entire financial year 2014-15.

Which banks are required to implement this circular?

All banks operating PPF and SCSS schemes, including SBI, its associates, nationalized banks, and private banks like ICICI and IDBI, must comply.

📜 Read the original circular — full text as issued by RBI

Notifications - Reserve Bank of India Skip to main content Selected Selected Change Language हिंदी Search the Website Search Home About Us ▼ About Us Organisation & Functions ▶ Organisation Structure Departments Offices Training Establishment ▶ College of Agricultural Banking Reserve Bank Staff College College of Supervisors RBI's Functions and Working Governors Deputy Governors Executive Directors Communication Policy of RBI Sources of Information ▶ Annual Publications Half-yearly Publications Quarterly Publications Monthly Publications Weekly Publications Occasional Publications SDDS NSDP Data Releases Publications available on Subscription General Information RBI History Museum ▶ The RBI Museum RBI Monetary Museum Notification ▼ Notifications Master Directions Master Circulars Amendment Directions Draft Notifications/Guidelines ▶ Draft Notifications/Guidelines Draft Directions (RE-wise) Index To RBI Circulars Standalone Circulars Circulars Withdrawn Press Releases Speeches & Media Interactions ▼ Speeches Media Interactions Memorial Lectures Podcasts Publications ▼ Biennial Annual Half-Yearly Quarterly Bi-monthly Monthly Weekly Occasional Reports Working Papers Legal Framework ▼ Act Rules Regulations Schemes Research ▼ External Research Schemes RBI Occasional Papers Working Papers RBI Bulletin History DRG Studies KLEMS State Statistics and Finances Statistics ▼ Data Releases Database on Indian Economy Public Debt Statistics Regulatory Reporting ▼ List of Returns Data Definition Validation rules/ Taxonomy List of RBI Reporting Portals FAQs of RBI Reporting Portals Home Notifications Notifications ( 91 kb ) Public Provident Fund Scheme, 1968 (PPF Scheme, 1968) and Senior Citizens Savings Scheme, 2004 (SCSS, 2004) - Revision of interest rates RBI/2013-14/526 DGBA.CDD. No. 5342 /15.02.001/2013-14 March 21, 2014 The Chairman and Managing Director/Managing Director Head Office, Government Accounts Department State Bank of India/State Bank of Bikaner & Jaipur/ State Bank of Hyderabad/State Bank of Mysore/ State Bank of Patiala/ State Bank of Travancore/ Andhra Bank/Allahabad Bank/Bank of Baroda/Bank of India/ Bank of Maharashtra/Canara Bank/Central Bank of India/ Corporation Bank/Dena Bank/Indian Bank/ Indian Overseas Bank/ Oriental Bank of Commerce/Punjab National Bank/Punjab & Sind Bank/ Syndicate Bank/UCO Bank/Union Bank of India/United Bank of India/ Vijaya Bank/IDBI Bank Ltd./ICICI Bank Ltd. Madam/Dear Sir, Public Provident Fund Scheme, 1968 (PPF Scheme, 1968) and Senior Citizens Savings Scheme, 2004 (SCSS, 2004) - Revision of interest rates Please refer to our circular RBI/2011-12/359 dated January 20, 2012 regarding interest rates on small savings schemes, wherein it was indicated that as per Government’s decision on revision of interest on small savings schemes, the interest rates on various small savings schemes for every financial year will be notified by the Government before April 1st of that year. The Government of India has now vide their Office Memorandum (OM) No. 6-1/2011-NS.II dated 4th March 2014, advised the rate of interest on various small savings schemes for the financial year 2014-15. Accordingly, the rates of interest on PPF, 1968 and SCSS, 2004 for the financial year 2014-15, effective from April 01, 2014, on the basis of the interest compounding/payment built-in in the schemes, will be as under: Scheme Rate of Interest w.e.f. 01.04.2013 Rate of Interest w.e.f. 01.04.2014 5 Year SCSS, 2004 9.2% p.a. 9.2% p.a. PPF, 1968 8.7% p.a. 8.7% p.a. The contents of this circular may be brought to the notice of the branches of your bank operating the PPF, 1968 and SCSS, 2004 schemes. These should also be displayed on the notice boards of your branches for information of the PPF, 1968 & SCSS, 2004 subscribers. Yours faithfully (Shrikant Hamine) Manager 2026 All Months January February March April May June July August September October November December 2025 All Months January February March April May June July August September October November December 2024 All Months January February March April May June July August September October November December 2023 All Months January February March April May June July August September October November December 2022 All Months January February March April May June July August September October November December 2021 All Months January February March April May June July August September October November December 2020 All Months January February March April May June July August September October November December 2019 All Months January February March April May June July August September October November December 2018 All Months January February March April May June July August September October November December 2017 All Months January February March April May June July August September October November December Archives 2016 All Months January February March April May June July August September October November December 2015 All Months January February March April May June July August September October November December 2014 All Months January February March April May June July August September October November December 2013 All Months January February March April May June July August September October November December 2012 All Months January February March April May June July August September October November December 2011 All Months January February March April May June July August September October November December 2010 All Months January February March April May June July August September October November December 2009 All Months January February March April May June July August September October November December 2008 All Months January February March April May June July August September October November December 2007 All Months January February March April May June July August September October November December 2006 All Months January February March April May June July August September October November December 2005 All Months January February March April May June July August September October November December 2004 All Months January February March April May June July August September October November December 2003 All Months January February March April May June July August September October November December 2002 All Months January February March April May June July August September October November December 2001 All Months January February March April May June July August September October November December 2000 All Months January February March April May June July August September October November December 1999 All Months January February March April May June July August September October November December 1998 All Months January February March April May June July August September October November December 1997 All Months January February March April May June July August September October November December 1996 All Months January February March April May June July August September October November December 1995 All Months January February March April May June July August September October November December 1994 All Months January February March April May June July August September October November December 1993 All Months January February March April May June July August September October November December 1992 All Months January February March April May June July August September October November December 1991 All Months January February March April May June July August September October November December Top Back to previous page More Links Bank Holidays Banking Glossary Citizen's Charter Complaints Contact Us COVID-19 Measures E-LMS Events FAQs Financial Education Forms IFSC/MICR Codes Important Websites Opportunities @ RBI RBI Clarifications RBI Kehta Hai RBI’s Vision and Values (1257 kb)--> Right to Information Act Tenders Follow RBI RSS Twitter YouTube Instagram Facebook LinkedIn &copy; Reserve Bank of India. 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Reproduced for reference with acknowledgment — Source: Reserve Bank of India · RBI/2013-14/526 · issued 21 Mar 2014. The plain-English explanation above is BankPulse’s own independent summary.

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Who does what — compliance checklist

🏦 Branch Manager

Communicate the unchanged rates to all branches handling PPF and SCSS accounts.
Display the revised interest rate notification on branch notice boards for subscriber awareness.

💻 IT / Systems

Update internal systems and records to reflect the rates effective from April 1, 2014.

Grouped from the action items above — a single circular may involve more than one team.

Worked example & action-note template

Example: if you are a Branch Manager at a bank this circular applies to (Banks authorized to operate PPF and SCSS accounts (e.g., SBI, nationalized banks, ICICI, IDBI), PPF and SCSS subscribers, Branch operations and customer service teams), your first concrete step on “PPF and SCSS Interest Rates Unchanged for FY 2014-15” is: “Communicate the unchanged rates to all branches handling PPF and SCSS accounts.” (RBI issued this 21 Mar 2014).

Circular: RBI/2013-14/526 -- PPF and SCSS Interest Rates Unchanged for FY 2014-15
Issued: 21 Mar 2014
Action required: Communicate the unchanged rates to all branches handling PPF and SCSS accounts.
Action required: Display the revised interest rate notification on branch notice boards for subscriber awareness.
Action required: Update internal systems and records to reflect the rates effective from April 1, 2014.
Owner: ____________ Target date: ____________
Board/committee approval needed? Y / N
Evidence filed in compliance register on: ____________

Built only from this circular’s own published fields — not legal advice; always confirm against the official RBI source.

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BankPulse Compliance Evidence Pack — generated 03 Aug 2026 · status cross-checked against RBI’s official withdrawal register (refreshed weekly).
Official RBI source: https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=8779&Mode=0 — Plain-English summary by BankPulse (bankpulse.ai), reviewed by our expert reviewer, CA Amit Jain. Independent platform, not affiliated with the Reserve Bank of India; is our own plain-English paraphrase, not RBI’s original wording.