Small Savings Schemes Latest Interest Rates 2023-24 placed at very Attractive Rates. The Interest Rates released by the National Savings Institute is applicable for the Post Office Savings Schemes, NSC, PPF, KVP, Sukanya Samruddhi Yogana etc Postal Schemes. The Detailed rates of Interest Rates for all the Schemes is given below in the table.
The rate of interest has been increased by 70 basis points which will be applicable from April 1.
Union ministry of finance on Friday hiked interest rates on different small savings schemes by 70 basis points which will be applicable from the next quarter of the financial year starting April 1.
The rate of interest has been increased by 70 basis points which will be applicable from April 1.
Union ministry of finance on Friday hiked interest rates on different small savings schemes by 70 basis points which will be applicable from the next quarter of the financial year starting April 1.
According to the revised rates, interests for the Senior Citizens Savings Scheme have been raised from 8% to 8.2%. Similarly, for Kisan Vikas Patra it has been hiked from 7% to 7.2%.
The Centre has also increased the interest rate for the monthly income account scheme from 7.1% to 7.4%. Interest rates for one through five-year time deposit, excluding four year term, have also been increased.
The Centre has also increased the interest rate for the monthly income account scheme from 7.1% to 7.4%. Interest rates for one through five-year time deposit, excluding four year term, have also been increased.
The increased rate of interest is applicable on schemes including National Savings Certificate, Kisan Vikas Patra, Monthly Income Savings Scheme and all post office time deposits.
The interest rates on small savings schemes are reviewed every quarter by the government. The formula to arrive at the interest rates for small savings scheme was given by the Shyamala Gopinath Committee. The committee had suggested that the interest rates of different schemes should be 25-100 bps higher than the yields of the government bonds of similar maturity.
Latest Interest Rates for Small Savings Schemes 2023-24 effective from 1st April 2023 Released by GOI
Subject Revision of interest rates for Small Savings Schemes - reg.
The interest rates on small savings schemes are reviewed every quarter by the government. The formula to arrive at the interest rates for small savings scheme was given by the Shyamala Gopinath Committee. The committee had suggested that the interest rates of different schemes should be 25-100 bps higher than the yields of the government bonds of similar maturity.
The rates of interest on various Small Savings Schemes for the first quarter of financial year 2023-24 starting from 1st April, 2023 and ending on 30th June, 2023
National Savings Institute works under Department of Economic Affairs, Ministry of Finance, Government of India.T he Institute is entrusted with the task of mobilization of savings in National Savings Schemes of Government of India, operated through Post Offices and designated Banks throughout the country. The NSI released the Official Circular.
The rates of interest on various Small Savings Schemes for the first quarter of financial year 2023-24 starting from 1st April, 2023 and ending on 30th June, 2023 have been revised as detailed below:
Small Savings Schemes Interest Rates for 2023-24 1st Quarter
Scheme Name www.apteachers.in |
Rates of interest from 01.01.2023 to 31.03.2023 |
Rates of interest from 01.04.2023 to 30.06.2023 |
| Savings Deposit | 4.0 |
4.0 |
| 1 Year Time Deposit | 6.6 |
6.8 |
| 2 Year Time Deposit | 6.8 |
6.9 |
| 3 Year Time Deposit | 6.9 |
7.0 |
| 5 Year Time Deposit | 7.0 |
7.5 |
| 5 Year Recurring Deposit | 5.8 |
6.2 |
| Senior Citizen Savings Scheme | 8.0 |
8.2 |
| Monthly Income Account Scheme | 7.1 |
7.4 |
| National Savings Certificate | 7.0 |
7.7 |
| Public Provident Fund Scheme | 7.1 |
7.1 |
| Kisan Vikas Patra | 7.2 (will mature in
120 months) |
7.5 (will mature in 115
months) |
| Sukanya Samriddhi Account Scheme | 7.6 |
8.0 |
|
Small Savings Schemes Interest Rates for 2022 - 2023 |
||||
| Scheme Name | April-June |
July-Sep |
Oct-Dec |
Jan-Mar |
| Savings Account | 4.0 |
4.0 |
4.0 |
4.0 |
| 1 Year Time Deposit | 5.5 |
5.5 |
5.5 |
6.6 |
| 2 Year Time Deposit | 5.5 |
5.5 |
5.7 |
6.8 |
| 3 Year Time Deposit | 5.5 |
5.5 |
5.8 |
6.9 |
| 5 Year Time Deposit | 6.7 |
6.7 |
6.7 |
7.0 |
| 5 Year Recurring Deposit | 5.8 |
5.8 |
5.8 |
5.8 |
| 5 Year Senior Citizens Savings Scheme | 7.4 |
7.4 |
7.6 |
8.0 |
| 5 Year Monthly Income Account | 6.6 |
6.6 |
6.7 |
7.1 |
| 5 Year National Savings Certificate | 6.8 |
6.8 |
6.8 |
7.0 |
| Public Provident Fund | 7.1 |
7.1 |
7.1 |
7.1 |
| Sukanya Samriddhi Account Scheme | 7.6 |
7.6 |
7.6 |
7.6 |
| Kisan Vikas Patra | 6.9 (will mature in 124 months) |
6.9 (will mature in 124 months) |
7.0 (will mature in 123 months) |
7.2 (will mature in 123 months) |
