Understanding the Changes in Interest Rates for Small Savings Schemes

 

Revision of Interest Rates for Small Savings Schemes

The Ministry of Finance, Department of Economic Affairs, Government of India, has issued an office memorandum regarding the revision of interest rates for Small Savings Schemes. The memorandum, F.No.1/4/2019-NS, dated June 30, 2023, states that the interest rates for various Small Savings Schemes have been revised for the second quarter of the financial year 2023-24.

F.No.1/4/2019-NS
Government of India
Ministry of Finance
Department of Economic Affairs
(Budget Division)

North Block, New Delhi
Dated: 30.06.2023

OFFICE MEMORANDUM

Subject: Revision of interest rates for Small Savings Schemes – reg.

The rates of interest on various Small Savings Schemes for the second quarter of financial year 2023-24 starting from 1st July, 2023 and ending on 30th September, 2023 have been revised as detailed below:

Instrument	Rates of interest from 01.04.2023 to 30.06.2023	Rates of interest from 01.07.2023 to 30.09.2023
Saving Deposit	4	4
1 Year Time Deposit	6.8	6.9
2 Year Time Deposit	6.9	7
3 Year Time Deposit	7	7
5 Year Time Deposit	7.5	7.5
5 Year Recurring Deposit	6.2	6.5
Senior Citizen Savings Scheme	8.2	8.2
Monthly income Account Scheme	7.4	7.4
National Savings Certificate	7.7	7.7
Public Provident Fund Scheme	7.1	7.1
Kisan Vikas Patra	7.5 (will mature in 115 months)	7.5 (will mature in 115 months)
Sukanya Samriddhi Account Scheme	8	8

2. This has the approval of competent authority.

(Kapil Patidar)
Deputy Secretary (Budget)
Tele – 01123092649

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