The interest rates for small savings schemes were revised by the government on June 30, 2023. The new rates will be applicable from July 1, 2023 to September 30, 2023.
The following are the revised interest rates for small savings schemes:
- Savings Deposit: 4.0%
- Time Deposits:
- 1 Year: 6.9%
- 2 Year: 7.0%
- 3 Year: 7.0%
- 5 Year: 7.5%
- Recurring Deposit:
- 5 Year: 6.5%
- Senior Citizen Savings Scheme: 8.2%
- Monthly Income Account Scheme: 7.4%
- National Savings Certificate: 7.7%
- Public Provident Fund: 7.1%
The interest rates for small savings schemes are reviewed every quarter by the government. The interest rates are revised based on the prevailing market conditions and the need to provide a fair return to investors.
The revised interest rates for small savings schemes are a welcome relief for investors, as they offer a higher return than most other investment options. The higher interest rates are also likely to boost the popularity of small savings schemes among investors.
Government of India
Ministry of Finance
Department of Economic Affairs
North Block, New Delhi
Subject: Revision of interest rates for Small Savings Schemes – reg.
The rates of interest on various Small Savings Schemes for the second quarter of financial year 2023-24 starting from 1st July, 2023 and ending on 30th September, 2023 have been revised as detailed below:
|Instrument||Rates of interest from 01.04.2023 to 30.06.2023||Rates of interest from 01.07.2023 to 30.09.2023|
|1 Year Time Deposit||6.8||6.9|
|2 Year Time Deposit||6.9||7.0|
|3 Year Time Deposit||7.0||7.0|
|5 Year Time Deposit||7.5||7.5|
|5 Year Recurring Deposit||6.2||6.5|
|Senior Citizen Savings Scheme||8.2||8.2|
|Monthly income Account Scheme||7.4||7.4|
|National Savings Certificate||7.7||7.7|
|Public Provident Fund Scheme||7.1||7.1|
|Kisan Vikas Patra||7.5 (will mature in 115 months)||7.5 (will mature in 115 months)|
|Sukanya Samriddhi Account Scheme||8.0||8.0|
- This has the approval of competent authority.
Deputy Secretary (Budget)
Tele – 01123092649