New Delhi: The Government of India have increased the interest rates on small saving schemes approximately up to 1.1% for the January to March 2023 quarter. The Ministry of Finance, Govt of India released an Office Memorandum in this regard on Friday.
The rates of interest on various Small Savings Schemes for the fourth quarter of the FY 2022-23 starting from 1st January 2023 and ending on 31st March 2023 have been revised, said the memorandum letter.
As per the letter, for the 1 year Time Deposit the rate of interest from 1.10,2022 to 31.12.2022 was 5.5. However, for this scheme the Rates of interest for the time period from 01.01.2023 to 31.03.2023 will be 6.6.
Similarly, the rate of interest for the Oct-Dec quarter for the 2 Year Time Deposit was 5.7. For this scheme the rate of interest in the January-March, 2023 quarter will be 6.8.
Also, The rate of interest for the monthly income account scheme for the Oct-Dec,22 quarter was 6.7, which will be 7.1 for the Jan-March, 23 quarter. Besides, for the NSC the rate of Interest was 6.8 in the Oct-Dec 2022 quarter, which will be 7.0 for the Jan-March 23 quarter.
Of course, for the Saving Deposit there will not be any change and also for the Public Provident Fund Scheme the rate of interest will be the same that is 7.1.
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