Ministry of Finance updates Small Savings Schemes interest rates for Q1 2023-24

The Ministry of Finance, Department of Economic Affairs in India has issued an office memorandum on March 31, 2023, regarding the revision of interest rates for Small Savings Schemes. The revised rates of interest for various Small Savings Schemes for the first quarter of financial year 2023-24 (1st April, 2023 to 30th June, 2023) have been announced. The memorandum does not provide any specific details about the revised rates, but only mentions that they have been approved by the competent authority.

Revision of interest rates for Small Savings Schemes

F.No.1/4/2019-NS
Government of India
Ministry of Finance
Department of Economic Affairs
(Budget Division)

North Block, New Delhi
Date: March 31, 2023

OFFICE MEMORANDUM

Subject: Revision of interest rates for Small Savings Schemes – reg.

The rates of interest on various Small Savings Schemes for the first quarter of financial year 2023-24 starting from 1st April, 2023 and ending on 30th June, 2023 have been revised as detailed below:

InstrumentRates of interest from 01.01.2023 to 31.03.2023Rates of interest from 01.04.2023 to 30.06.2023
Savings Deposit44
1Year Time Deposit6.66.8
2 Year Time Deposit6.86.9
3 Year Time Deposit6.97
5 Year Time Deposit77.5
5 Year Recurring Deposit5.86.2
Senior Citizen Savings Scheme88.2
Monthly Income Account Scheme7.17.4
National Savings Certificate77.7
Public Provident Fund Scheme7.17.1
Kisan Vikas Patra7.2 (will mature in 120 months)7.5 (will mature in 115 months)
Sukanya Samriddhi Account Scheme7.68
  1. This has the approval of competent authority.

(Kapil Patidar)
Deputy Secretary (Budget)

Source: www.dea.gov.in

Small Savings Schemes

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