Centre hikes interest rates on small savings schemes for April-June Quarter (Q1) of FY24

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

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