Updated Interest Rates for Small Savings Schemes Q2 FY 2023-24

The Government of India’s Ministry of Finance, Department of Economic Affairs, Budget Division, has issued an Office Memorandum (F.No.1/4/2019-NS) on 30th June 2023. The memorandum announces the revision of interest rates for Small Savings Schemes for the second quarter of the financial year 2023-24, which will be effective from 1st July 2023 until 30th September 2023.

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
Dated: 30.06.2023

OFFICE MEMORANDUM

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

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

InstrumentRates of interest from 01.04.2023 to 30.06.2023Rates of interest from 01.07.2023 to 30.09.2023
Saving Deposit44
1 Year Time Deposit6.86.9
2 Year Time Deposit6.97
3 Year Time Deposit77
5 Year Time Deposit7.57.5
5 Year Recurring Deposit6.26.5
Senior Citizen Savings Scheme8.28.2
Monthly income Account Scheme7.47.4
National Savings Certificate7.77.7
Public Provident Fund Scheme7.17.1
Kisan Vikas Patra7.5 (will mature in 115 months)7.5 (will mature in 115 months)
Sukanya Samriddhi Account Scheme88
  1. This has the approval of competent authority.

(Kapil Patidar)
Deputy Secretary (Budget)
Tele – 01123092649

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