SB Order No. 19/2023, issued by the Ministry of Communications, Department of Posts, Government of India, provides an update regarding the revision of interest rates for Small Savings Schemes. The order, dated 29th September 2023, informs all Head of Circles/Regions about the changes in interest rates that will be effective from 1st October 2023 to 31st December 2023.
Revision of interest rates for Small Savings Schemes w.e.f. 01.10.2023
SB Order No. 19/2023
F. No 113-03/2017-SB(Pt.1)
Government of India
Ministry of Communications
Department of Posts
(Financial Services Division)
Dak Bhawan, New Delhi – 110001
Dated: 29.09.2023
To
All Head of Circles/Regions
Subject: Revision of interest rates for Small Savings Schemes w.e.f. 01.10.2023
Madam / Sir,
The undersigned is directed to say that, vide memorandum No. 1/4/2019-NS dated 29.09.2023 (copy enclosed), Government of India, Ministry of Finance, Department of Economic Affairs (Budget Division) has informed that the rate of interest on various Small Savings Schemes (National Savings Schemes) for the third quarter of financial year 2023-24 (starting from 1st October, 2023 and ending on 31st December, 2023) have been revised as under.
| Sl. No. | Instrument/ Scheme | Rate of Interest from 01.07.2023 to 31.09.2023 | Rate of Interest from 01.10.2023 to 31.12.2023 |
| 1 | Post Office Saving Account | 4 | 4 |
| 2 | 1 Year Time Deposit | 6.9 | 6.9 |
| 3 | 2 Year Time Deposit | 7 | 7 |
| 4 | 3 Year Time Deposit | 7 | 7 |
| 5 | 5 Year Time Deposit | 7.5 | 7.5 |
| 6 | 5 Year Recurring Deposit | 6.5 | 6.5 |
| 7 | Senior Citizen Savings Scheme | 8.2 | 8.2 |
| 8 | Monthly income Account Scheme | 7.4 | 7.4 |
| 9 | Sukanya Samriddhi Account Scheme | 8 | 8 |
| 10 | Public Provident Fund Scheme | 7.1 | 7.1 |
| 11 | National Savings Certificate | 7.7 | 7.7 |
| 12 | Kisan Vikas Patra | 7.5 (will mature in 115 months) | 7.5 (will mature in 115 months) |
- It is requested to circulate it to all concerned for information and necessary guidance. Same may also be placed on the notice board of all Post Offices in public area. The relevant calculation tables will be supplied in due course on receipt from the DEA/MoF.
- This is issued with the approval of the Competent Authority.
(T.C. VIJAYAN)
Assistant Director (SB-I)