Small savings schemes: Govt raises interest rates by up to 0.70% for April-June 2023 quarter - Check new rates

The government on Friday raised rates on several small savings schemes by up to 70 basis points (bps) for the first quarter of 2023.

In a notification issued, the Finance Ministry said that the interest rates of schemes Sukanya Samriddhi Account Scheme, Senior Citizen Savings Scheme, National Savings Certificate, Kisan Vikas Patra and all post office time deposits have been revised.  

There is no change in the interest rate of popular Public Provident Fund (PPF) and savings deposits. The interest rate on these schemes are 7.1 per cent and 4 per cent.

Among the scheme whose rate of interest have been revised, the maximum is for the National Savings Certificate (NSC), which will now attract 7.7 per cent. 

The new rate for the Sukanya Samriddhi Scheme, one of the most popular schemes for girl childs, has been increased to 8 per cent from 7.6 per cent.

The interest rate on the senior citizen savings scheme and Kisan Vikas Patra (KVP) is 8.2 per cent (up from 8 per cent) and 7.6 per cent (up from 7.2 per cent), respectively.

The Kisan Vikas Patra will now mature in 115 months as against 120 months earlier.

Interest rates were increased in the last quarter as well. This is the third 

Interest rates for small savings schemes are notified every quarter.

With PTI Inputs