The Centre on Friday raised the interest rate on small savings schemes for July-September quarter by 10-30 basis points and now range from 4 per cent to 8.2 per cent. The change in interest rates was announced by the ministry of finance today.
The government reviews the interest rates on small savings schemes every quarter. The highest surge of 0.3 per cent was for the five-year recurring deposit.
During the second quarter, the recurring deposit holders would get a 6.5 per cent interest against the existing 6.2 per cent. According to the finance ministry statement, those having invested in a one-year term deposit with post offices will earn 0.1 per cent higher point at 6.9 per cent and for the two years tenure- 7 per cent.
The interest rates on term deposits for three years and five years have been retained at 7 per cent and 7.5 per cent.
The interest rates for popular PPF and savings deposits are retained at 7.1 per cent and 4 per cent, respectively.
The interest rate on the National Savings Certificate (NSC) remained unchanged at 7.7 per cent for July 1 to September 30, 2023, period.
The new rate for the girl child savings scheme Sukanya Samriddhi too stood at the existing level of 8 per cent.
The interest rate on the senior citizen savings scheme and Kisan Vikas Patra (KVP) is 8.2 per cent and 7.5 per cent, respectively.
Interest rates were increased in the last (January-March) quarter as well as the April-June quarter.
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