Centre hikes interest rates on small savings schemes for April-June Quarter (Q1) of FY24
- The Union Ministry of Finance has raised the interest rates on different small savings schemes between 10-70 basis points for the April to June quarter of financial year 2023-2024.
- The revised interest rates will be applicable from the financial year starting April 01, 2023.
- This is the third time in past 9 months, that the interest rates on small savings schemes have been increased.
- The interest rates on small savings schemes range from 4.0 percent to 8.2 percent for April-June 2023.
- Only, the interest rate for Public Provident Fund (PPF) scheme and Post Office Savings Account have been kept unchanged during this period.
Various Interest Rates for Quarter-1 (April-June) of 2023-24 are listed below:
Instrument | Interest Rate (Apr-Jun 2022) | Interest Rate (Apr-Jun 2023) | Compounding frequency* |
Savings Deposit | 4.0 | 4.0 | Annually |
1 Year Time Deposit | 6.6 | 6.8 | Quarterly |
2 Year Time Deposit | 6.8 | 6.9 | Quarterly |
3 Year Time Deposit | 6.9 | 7.0 | Quarterly |
5 Year Time Deposit | 7.0 | 7.5 | Quarterly |
5 Year Recurring Deposit | 5.8 | 6.2 | Quarterly |
5 Year Senior Citizen Savings Scheme | 8.0 | 8.2 | Quarterly and paid |
5 Year Monthly Income Account | 7.1 | 7.4 | Monthly and paid |
5 Year National Savings Certificate | 7.0 | 7.7 | Annually |
Public Provident Fund Scheme | 7.1 | 7.1 | Annually |
Kisan Vikas Patra | 7.2 (will mature in 120 months) | 7.5 (115 months) | Annually |
Sukanya Samriddhi Account Scheme | 7.6 | 8.2 | Annually |