Interest rates on bank deposits are not uniform and vary from
bank to bank. Hence, a one-on-one comparison of interest rates may not be
possible.
The interest
rates on term deposits are deregulated and they are determined by the banks
themselves as per their Board approved policies. In contrast interest rates on
Small Savings Schemes are administered interest rates linked to G-Sec rate of
comparable maturity.
The percentage
of savings in the savings schemes in Post Office as on 31.03.2016 is 14.84% of
the deposits in the savings schemes of PSBs.
The Government
has taken various steps to popularise all the existing schemes by carrying out
publicity through print and electronic/Audio Visual media on an all India
basis. Jan Dhan Yojana is a scheme of the Government to encourage deposits in
banks and promote savings.
This was stated
by Shri Arjun Ram Meghwal, Minister of State in the Ministry of Finance in
written reply to a question in Lok Sabha today.
