Small Saving Rate Hike: Before the beginning of the new financial year 2023-24, the government has announced good news for the people investing in small savings schemes. From Sukanya Samriddhi Yojana to National Savings Certificate (NSC), Kisan Vikas Patra (KIsan Vikas Patra), Post Office Deposit Schemes and those investing in Senior Citizen Saving Schemes, the Finance Ministry has Has been given a gift by increasing the interest rate on these schemes. For the first quarter of the financial year 2023-24, from April to June, the interest rate of these savings schemes has been increased by 10 to 70 basis points. However, there has been no change in the interest rates of PPF.
| savings plan | Q4 2022-23 | First quarter of 2023-24 |
| savings deposit | 4.00% | 4.00% |
| 1 year deposit | 6.60% | 6.80% |
| 2 year deposit | 6.80% | 6.90% |
| 3 years deposit | 6.90% | 7.00% |
| 5 years deposit | 7.00% | 7.50% |
| 5 Year Recurring Deposit | 5.80% | 6.20% |
| Senior Citizen Saving | 8.00% | 8.20% |
| monthly income account | 7.10% | 7.40% |
| National Savings Certificate | 7.00% | 7.70% |
| ppf | 7.10% | 7.10% |
| Kisan Vikas Patra | 7.2% (120 months) | 7.5% (115 months) |
| Sukanya Samriddhi Yojana | 7.60% | 8.00% |
The rates of interest on various Small Savings Schemes for the first quarter (Q1) of financial year 2023-24 starting from 1st April, 2023 and ending on 30th June, 2023 have been revised as follows👇 pic.twitter.com/OwLr8MxhGU
— Ministry of Finance (@FinMinIndia) March 31, 2023
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