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
Government of India
Ministry of Finance
Department of Economic Affairs
North Block, New Delhi
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:
|Instrument||Rates of interest from 01.04.2023 to 30.06.2023||Rates of interest from 01.07.2023 to 30.09.2023|
|1 Year Time Deposit||6.8||6.9|
|2 Year Time Deposit||6.9||7|
|3 Year Time Deposit||7||7|
|5 Year Time Deposit||7.5||7.5|
|5 Year Recurring Deposit||6.2||6.5|
|Senior Citizen Savings Scheme||8.2||8.2|
|Monthly income Account Scheme||7.4||7.4|
|National Savings Certificate||7.7||7.7|
|Public Provident Fund Scheme||7.1||7.1|
|Kisan Vikas Patra||7.5 (will mature in 115 months)||7.5 (will mature in 115 months)|
|Sukanya Samriddhi Account Scheme||8||8|
- This has the approval of competent authority.
Deputy Secretary (Budget)
Tele – 01123092649