Govt of India increased interest rates on some small saving schemes: Details here
New Delhi: The Government of India on Friday issued the office memorandum regarding revision of interest rates for Small Saving Schemes. The letter provides the latest rate of interest on various Small Saving Schemes for the second quarter of financial year 2023-24 starting from 1st July, 2023 and ending on 30th September, 2023.
As per this revised interest rates, the interest rate of one year time deposit has been hiked to 6.9 per cent from 6.8 per cent.
Also the interest rates for 2 years time deposit scheme has been hiked from 6.9 per cent to 7 per cent, while for five-year recurring deposit, the interest rate has been increased from 6.2 per cent to 6.5 per cent.
On the other hand, the interest rates for popular small savings schemes like national saving certificate, public provident fund (PPF), Kisan Vikas Patra and Sukanya Samriddhi Yojana, unchanged for the next three months, i.e from July 1 till September 30, 2023.
The rates for PPF (7.1 per cent), national saving certificate (7.7 per cent), Kisan Vikas Patra (7.5 per cent), Sukanya Samriddhi Yojana (8 per cent), monthly income scheme (7.4 per cent) and senior citizen saving scheme (8.2 per cent) have been kept unchanged for the next three months.
