Small savings scheme interest rates: The government on Friday announced a hike of 20 basis points in the interest rate offered under the five-year recurring deposit small savings scheme. The interest rate will be applicable for the quarter ending December 31, 2023.
The new interest rate, which will take effect on October 1, will be 6.7 per cent, instead of the current 6.5 per cent, according to an official statement.
However, the interest rates applicable to other small savings schemes, including the Monthly Income Account Scheme, the Public Provident Fund Scheme, and the Kisan Vikas Patra savings certificates, were left unchanged.
Here are the interest rates applicable to all small savings schemes, according to the finance ministry:
| Small savings scheme | Rate of interest from July 1, 2023 to September 30, 2023 | Rate of interest from October 1, 2023 to December 31, 2023 |
| Savings deposit | 4% | 4% |
| One-year time deposit | 6.9% | 6.9% |
| Two-year time deposit | 7% | 7% |
| Three-year time deposit | 7% | 7% |
| Five-year time deposit | 7.5% | 7.5% |
| Five-year recurring deposit | 6.5% | 6.7% |
| Senior Citizen Savings Scheme (SCSS) | 8.2% | 8.2% |
| Monthly Income Account Scheme | 7.4% | 7.4% |
| National Savings Certificates (NSC) | 7.7% | 7.7% |
| Public Provident Fund (PPF) scheme | 7.1% | 7.1% |
| Kisan Vikas Patra (KVP) | 7.5% (matures in 115 months) | 7.5% (will mature in 115 months) |
| Sukanya Samriddhi account | 8% | 8% |
(This story will be updated shortly)
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