Government declares interest rates for Q3 2023 of small saving schemes
The interest rates of small savings schemes like PPF and Sukanya have been announced. The central government has increased the interest rate on 5-year post office recurring deposits (RD) by 0.2% for the October-December (Q3) 2023 quarter. Now 6.7% interest will be available on such deposits. Apart from this, no changes have been made in any scheme. The government has kept interest rates for most small savings schemes like Senior Citizens Savings Scheme, Kisan Vikas Patra (KVP) and Public Provident Fund (PPF) unchanged for the third quarter of the current financial year. There is no change in the interest rates for Senior Citizens Savings Scheme (SCSS). It remains at 8.2%. At the same time, 7.4% interest is applicable on Monthly Income Account Scheme, 8% interest on NSC (7.7%), PPF (7.1%), KVP (7.5%) and Sukanya Samriddhi Account Scheme will remain the same as before.
For the July-September 2023 quarter, interest rates on small savings schemes were increased by 30 basis points. This amendment was specifically for 1-year and 2-year fixed deposits and 5-year recurring deposits.
Earlier, during the April-June quarter, there was an increase of up to 70 basis points. The interest rate on National Savings Certificate (NSC) was increased the most. Its interest rate is 7.7%, which was earlier 7%. The interest on Sukanya Samriddhi, the popular savings scheme for girls, was increased from 7.6% to 8%. The interest rate for Senior Citizen Savings Scheme is 8.2%, for Kisan Vikas Patra it is 7.6%.
