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In the latest announcement by Ministry of Finance, Department of Economic Affairs, the government has kept interest rates unchanged of most small savings schemes.
For July to September 2023, the finance ministry has not changed rates of Kisan Vikas Patra (KVP), Public Provident Fund (PPF), Senior Citizen Savings Scheme (SCSS) and Sukanya Samriddhi Yojana (SSY).
However, the government has marginally hiked interest on Post Office Savings Deposit having tenure of 1 year, 2 years and 5 years.
Let’s look at the table to know more.
|
Small savings schemes |
Existing rates |
New rates |
Change |
|
Savings Deposit |
4 |
4 |
No Change |
|
1 year time deposit |
6.8 |
6.9 |
10 bps |
|
2 year time deposit |
6.9 |
7 |
10 bps |
|
3 year time deposit |
7 |
7 |
No Change |
|
5 year time deposit |
7.5 |
7.5 |
No Change |
|
5 year recurring deposit |
6.2 |
6.5 |
30 bps |
|
Senior citizen savings scheme |
8.2 |
8.2 |
No Change |
|
Monthly income account Scheme |
7.4 |
7.4 |
No Change |
|
National Savings Certificate |
7.7 |
7.7 |
No Change |
|
Public Provident Fund Scheme |
7.1 |
7.1 |
No Change |
|
Kisan Vikas Patra |
7.5 |
7.5 |
No Change |
|
Sukanya Samriddhi Account |
8 |
8 |
No Change |
