Govt. increases interest rates for various small saving schemes for 1st quarter of FY 2023-24

Notification F.no. 1/4/2019-NS dated 31-03-2023

The Govt. has notified rates of interest on various Small Saving Schemes for the first quarter of the Financial Year 2023-24, i.e., 01-04-2023 to 30-06-2023. The Govt. has increased interest rates on various schemes. The revised office memorandum issued by the Govt. provides as follows:

1. The interest rate of ‘1 Year Time Deposit’, ‘2 Year Time Deposit’, ‘3 Year Time Deposit’ and ‘5 Year Time Deposit’ is increased from the existing 6.6% to 6.8%, 6.8% to 6.9%, 6.9% to 7.0% & 7.0% to 7.5% respectively.
2. The interest rate of deposits made in the ‘5 year Recurring Deposit’ is increased from the existing 5.8% to 6.2%.
3. The interest rate of deposits made in the ‘Senior Citizen Saving Scheme’ increased from the existing 8.0% to 8.2%.
4. The interest rate on the ‘National Savings Certificate’ increased from the existing 7.0% to 7.7%.
5. The interest rate on the ‘Monthly Income Account Scheme’ increased from the existing 7.1% to 7.4%.
6. The interest rate on ‘Kisan Vikas Patra’ is increased from the existing 7.2% to 7.5% which has resulted in a reduction in tenure from the existing 120 months to 115 months.
7. The interest rate on the ‘Sukanya Samridhi Account Scheme’ increased from the existing 7.6% to 8.0%.
8. The interest rate of all other saving schemes shall remain unchanged from the current rate applicable.