The Central Government increased the rate of interest for several small savings programmes on March 31, 2023, including the Senior Citizen Savings Program, the Sukanya Samriddhi Account Program, the Monthly Income Savings Program, the National Savings Certificate, the Kisan Vikas Patra, all post office time deposits for the financial year 2023–24’s April–June quarter. However, the hike does not apply to the Public Provident fund. The Government has kept the interest rate for Public Provident Fund (PPF) scheme unchanged at 7.1 per cent for this period.
The Center has raised the interest rates on small savings programmes three times in the past nine months. Interest rates for small savings programmes currently vary from 4.0 per cent to 8.2 per cent.
Look at new interest rates from April 1, 2023:
| Sl. no | Instruments | Rate of Interest April 1, 2023-June 30, 2023 |
Compounding frequency |
|---|---|---|---|
| 1 | Post Office Savings Account |
4.00% | Annually |
| 2 | 1-Year Time Deposit | 6.8% | Quarterly |
| 3 | 2-Year Time Deposit | 6.9% | Quarterly |
| 4 | 3-Year Time Deposit | 7.0% | Quarterly |
| 5 | 5-Year Time Deposit | 7.5% | Quarterly |
| 6 | 5-Year Recurring Deposit Scheme | 5.8% | Quarterly |
| 7 | Senior Citizen Savings Scheme | 8.2% | Quarterly and Paid |
| 8 | Monthly Income Account | 7.4% | Monthly and Paid |
| 9 | National Savings Certificate (VIII Issue) | 7.7% | Annually |
| 10 | Kisan Vikas Patra | 7.5 (will mature in 115 months) | Annually |
| 11 | Sukanya Samriddhi Account Scheme | 8.0% | Annually |
