The Ministry of Finance, Department of Economic Affairs in India has issued a memorandum (No. 01/4/2019-NS) on 30th June 2023, informing about the revision of interest rates for Small Savings Schemes. The revised interest rates will be applicable from 1st July 2023 to 30th September 2023.
The specific details regarding the revised rates are provided in the post. The order requests all concerned parties to circulate the information, take necessary action, and display the revised rates on the notice board of all Post Offices. The calculation tables for the revised rates will be supplied at a later date. The order is issued with the approval of the Competent Authority.
Revision of interest rates for Small Savings Schemes w.e.f. 01.07.2023
SB Order No. 15/2023
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: 30.06.2023
To
All Head of Circles/Regions
Subject: Revision of interest rates for Small Savings Schemes w.e.f. 01.07.2023
Sir/Madam,
Ministry of Finance, Department of Economic Affairs (Budget Division), Government of India vide Memorandum No. 01/4/2019-NS dated 30.06.2023 (copy enclosed) has informed that the rate of interest on various Small Savings Schemes (National 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 under: –
| Sl. No. | Instrument | Rates of interest from 01.04.2023 to 30.06.2023 | Rates of interest from 01.07.2023 to 30.09.2023 |
| 1 | Saving Deposit | 4 | 4 |
| 2 | 1 Year Time Deposit | 6.8 | 6.9 |
| 3 | 2 Year Time Deposit | 6.9 | 7 |
| 4 | 3 Year Time Deposit | 7 | 7 |
| 5 | 5 Year Time Deposit | 7.5 | 7.5 |
| 6 | 5 Year Recurring Deposit | 6.2 | 6.5 |
| 7 | Senior Citizen Savings Scheme | 8.2 | 8.2 |
| 8 | Monthly income Account Scheme | 7.4 | 7.4 |
| 9 | National Savings Certificate | 7.7 | 7.7 |
| 10 | Public Provident Fund Scheme | 7.1 | 7.1 |
| 11 | Kisan Vikas Patra | 7.5 (will mature in 115 months) | 7.5 (will mature in 115 months) |
| 12 | Sukanya Samriddhi Account Scheme | 8 | 8 |
- It is requested to circulate it to all concerned for information, guidance and necessary action. 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 issues with the approval of the Competent Authority.
Yours Faithfully
(Devender Kurfar Sharma)
Assistant Director (SB-II)