NSC interest rate, Post office Term Deposit interest rate, Senior Citizen Savings Scheme, PPF rate: The end of the year 2022 has brought some cheer for the common man, as the government has hiked the interest rates on small deposits on Friday.

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The interest rate hike will affect saving schemes like post office term deposits, National Savings Certificate (NSC) and senior citizen savings scheme -- by up to 1.1 percentage points from January 1, in line with firming interest rates in the economy.

However, the interest rates on Public Provident Fund (PPF), and the girl child savings scheme - Sukanya Samriddhi savings scheme - will remain unchanged.

After the increase, National Savings Certificate (NSC) will yield a 7 per cent interest rate from January 1, compared to 6.8 per cent at present. 

Similarly, the senior citizen savings scheme will give 8 per cent interest against 7.6 per cent currently.

Interest rates on Post Office term deposit schemes of duration 1 to 5 years will rise by up to 1.1 percentage points.

The monthly income scheme too will yield 7.1 per cent interest, up from 6.7 per cent.

Small Savings Interest Rates from January 1, 2023

National Savings Certificate (NSC) interest rate: 7 per cent from January 1 (up from 6.8 per cent)
Senior Citizen Savings Scheme interest rate: 8 per cent from January 1 (up from 7.6 per cent)
Post Office Term Deposit Schemes Interest rate: Up to 1.1 percent rise (duration 1 to 5 years)
Post Office Monthly Income Scheme Interest rate: 7.1 per cent (up from 6.7 per cent)
Public Provident fund (PPF): 7.1 per cent 
Sukanya Samriddhi Yojana (SSY): 7.6 per cent
Kisan Vikas Patra (KVP): 7.2 per cent