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
Government of India
Ministry of Finance
Department of Economic Affairs
North Block, New Delhi
Date: March 31, 2023
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:
|Instrument||Rates of interest from 01.01.2023 to 31.03.2023||Rates of interest from 01.04.2023 to 30.06.2023|
|1Year Time Deposit||6.6||6.8|
|2 Year Time Deposit||6.8||6.9|
|3 Year Time Deposit||6.9||7|
|5 Year Time Deposit||7||7.5|
|5 Year Recurring Deposit||5.8||6.2|
|Senior Citizen Savings Scheme||8||8.2|
|Monthly Income Account Scheme||7.1||7.4|
|National Savings Certificate||7||7.7|
|Public Provident Fund Scheme||7.1||7.1|
|Kisan Vikas Patra||7.2 (will mature in 120 months)||7.5 (will mature in 115 months)|
|Sukanya Samriddhi Account Scheme||7.6||8|
- This has the approval of competent authority.
Deputy Secretary (Budget)