Govt authorised banks to sell more small savings schemes

The government has authorised three private banks ICICI, HDFC and Axis Bank and all public sector banks to accept deposits under various small savings schemes like National Savings Certificate (NSC), recurring deposits and monthly income plan.According to the government’s notification, the private banks are ICICI, HDFC and Axis Bank. So far, public sector banks were allowed to receive subscription under Public Provident Fund, Kisan Vikas Patra-2014, Sukanya Samriddhi Account, Senior Citizen Savings Scheme-2004.