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Senior Citizen Savings Scheme, Sukanya Samriddhi Yojana: Centre Hikes Interest Rates By Up To 70 bps
The interest rate on Sukanya Samriddhi Yojana has also been increased from 7.6 per cent to 8 per cent.
New Delhi: Bringing cheers to investors, the Central government on Friday hiked the interest rates of small savings schemes by up to 70 bps for the April-June 2023 quarter. The Union Finance Ministry made the announcement in a statement and said the interest rates of schemes like the Senior Citizen Savings Scheme, Monthly Income Savings Scheme, National Savings Certificate, Kisan Vikas Patra, all post office time deposits and Sukanya Samriddhi Account Scheme have been hiked.
“The ministry has raised the interest rate by up to 70 basis points (one percentage point is equivalent to 100 bps) on some small savings schemes for the quarter beginning 1 April,” the Finance Ministry statement said. However, the interest rate on the Public Provident Fund (PPF) has been kept unchanged at 7.1%.
The rates of interest on various Small Savings Schemes for the first quarter (Q1) of financial year 2023-24 starting from 1st April, 2023 and ending on 30th June, 2023 have been revised as follows👇 pic.twitter.com/OwLr8MxhGU
— Ministry of Finance (@FinMinIndia) March 31, 2023
Senior Citizen Savings Scheme
The Finance Ministry said the interest rate on the Senior Citizen Savings Scheme has been raised by 20 basis points from 8 percent for the January-March 2023 quarter to 8.2 percent for the April-June 2023 quarter.
National Savings Certificate
The Centre hiked the interest rate on the National Savings Certificate (NSC) from 7 percent for the January – March 2023 quarter to 7.7 percent for the April – June 2023 quarter.
Post Office Term Deposits
On the other hand, the interest rates on all post office term deposits (with maturities of 1,2,3 and 5 years) have been hiked by 10 to 50 basis points.
Sukanya Samriddhi Yojana
The interest rate on Sukanya Samriddhi Yojana has also been increased from 7.6 per cent to 8 per cent.
Check New Interest Rates
The interest rates on the Kisan Vikas Patra hiked from 7.2 per cent to 7.6 per cent. The government also hiked the interest rate on time deposits with terms of one, two, three, and five years. The interest rate for the monthly income account programme has also been hiked from the previous 7.1 per cent to 7.4 per cent.
Notably, the interest rates on these small saving schemes are reviewed every quarter and in the last quarterly review on December 30, 2022, the interest rates on several schemes were hiked by as much as 20 – 110 basis points (applicable for the January-March 2023 quarter).
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