Small Savings Instruments

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    In News 

    The government announced minor upticks of 0.1% to 0.3% in the interest rates payable on five small savings instruments (SSIs), including the Kisan Vikas Patra, Senior Citizens’ Savings scheme and time deposits for 2 and 3 years,

    About Small Savings Instruments 

    • They are a set of savings instruments managed by the central government with an aim to encourage citizens to save regularly irrespective of their age. 
    • They can be grouped under three heads – 
      • Post office deposits( savings deposit, recurring deposit and time deposits)
      •  Savings Certificates(National Savings Certificate and the Kisan Vikas Patra)
      • Social security schemes(Public Provident Fund, Sukanya Samriddhi Account and Senior Citizens Savings Scheme)

    Source:TH