Business Standard

Govt hikes interest rates on most small saving schemes for June quarter

The interest rate on the Public Provident Fund has yet again been kept unchanged at 7.1%

financial year, financial planning

BS Web Team New Delhi

Listen to This Article

Ministry of Finance on Friday has announced hikes in interest rates on most small saving schemes for April-June quarter. It said in a statement that the maximum hike of 0.7 per cent for National Savings Certificate (NSC) scheme.

"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 statement 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 interest rate on the Public Provident Fund (PPF) has yet again been kept unchanged at 7.1 per cent and that of the savings deposit at 4 per cent.
 
Monthly Income Scheme has been increased by 30 basis points to 7.4 per cent.

New interest rates starting next month

The interest rate for the Senior Citizens Savings Scheme has increased from 8 per cent to 8.2 per cent, and for the Kisan Vikas Patra from 7.2 per cent to 7.6 per cent.

KVP will now mature in 115 months as against 120 months earlier.

The government has also raised 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 increased from the previous 7.1 per cent to 7.4 per cent.

The interest rate for National Savings Certificates has increased from 7 per cent to 7.5 per cent, and the interest rate for Sukanya Samriddhi programme holders has increased from 7.6 per cent to 8 per cent.

Don't miss the most important news and views of the day. Get them on our Telegram channel

First Published: Mar 31 2023 | 5:26 PM IST

Explore News