The government on Friday announced revised interest rates for select small savings schemes. 

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The interest rate applicable to the Sukanya Samriddhi scheme was increased by 20 basis points to 8.2 per cent, and that to the three-year Time Deposit Scheme—a fixed deposit (FD) scheme with a maturity period of three years—by 10 basis points to 7.1 per cent—both with effect from January 1, according to a circular by the Ministry of Finance.

Here are the interest rates applicable to all the small savings schemes (changes highlighted): 

Scheme Interest rate (%)
Oct-Dec 2023 Jan-Mar 2024 Compounding frequency
Savings Deposit 4 4 Annual
One-year Time Deposit 6.9 6.9 Quarterly
Two-year Time Deposit 7 7 Quarterly
Three-year Time Deposit 7 7.1 Quarterly
Five-year Time Deposit 7.5 7.5 Quarterly
Five-Year Recurring Deposit 6.7 6.7 Quarterly
Senior Citizen Savings Scheme 8.2 8.2 Quarterly and paid
Monthly Income Scheme 7.4 7.4 Monthly and paid
National Savings Certificate 7.7 7.7 Annual
Public Provident Fund Scheme 7.1 7.1 Annual
Kisan Vikas Patra 7.5 (matures in 115 months) 7.5 (matures in 115 months) Annual
Sukanya Samriddhi 8 8.2 Annual

The new rates will be applicable for the fourth quarter of the current financial year.

The Centre reviews the interest rates applicable to small savings schemes—such as the Public Provident Fund (PPF), Kisan Vikas Patra (KVP), Monthly Income Scheme (MIS) and Senior Citizen Savings Scheme (SCSS)—on a quarterly basis, and announces any revisions at the end of each quarter.