Government has announced revised/increased interest rates for Q4 of FY 2023-24 (01/01/2024 to 1/03/2024), in respect of certain small saving schemes. As per the notification, interest rates have been increased in respect of investments in 3 Year Time Deposits and Sukanya Samriddhi Account Scheme only.
However, interest rates for all other small saving schemes like Savings Deposits, Time Deposits (except for 3 years), Senior Citizen Savings Scheme, Monthly Income Scheme, National Savings Certificate, Public Provident Fund, Recurring Deposits and Kisan Vikas Patra remain the same or unchanged compared to the Q3 of FY 2023-24 (01/10/2023 to 31/12/2023).
The quarterly revision of rates is done to align small saving interest rates with current market yields on government securities of similar maturity periods. These interest rates are applicable for making investments in different small saving schemes during the period 1st January 2024 to 31st March 2024.
Q4 of FY 2023-24: Revised Interest Rates for Small Savings Schemes
Latest interest rates of Small Savings Schemes (NSC, PPF, KVP, SSAS, SCSS, etc.) applicable during Q4 of FY 2023-24 (01/01/2024 to 31/03/2024), are as under:
i) Sukanya Samriddhi Account Scheme (SSAS): 8.2% (increased from 8.0%);
ii) Public Provident Fund (PPF): 7.1% (no change);
iii) Senior Citizen Savings Scheme (SCSS): 8.2% (no change);
iv) Kisan Vikas Patra (KVP): 7.5% (no change);
v) National Savings Certificate (NSC): 7.7% (no change);
vi) Post office MIS (Monthly Income Scheme): 7.4% (no change);
vii) Post Office 5 Year Recurring Deposit (RD): 6.7% (no change);
viii) Savings Bank Deposits: 4% (no Change); and
ix) Post Office Time Deposit:
a) one year term: 6.9% (no change);
b) two year term: 7.0% (no change);
c) three year term: 7.1% (increased); &
d) five year term: 7.5% (no change).
| Instruments | Interest Rates (Q3 of FY 2023-24) |
Interest Rates (Q4 of FY 2023-24) |
Compounding |
| Savings Bank Deposit (SB) | 4.0 | 4.0 | Annual |
| 1 Year Time Deposit (TD) | 6.9 | 6.9 | Quarterly |
| 2 Year Time Deposit (TD) | 7.0 | 7.0 | Quarterly |
| 3 Year Time Deposit (TD) | 7.0 | 7.1 | Quarterly |
| 5 Year Time Deposit (TD) | 7.5 | 7.5 | Quarterly |
| 5 Year PO Recurring Deposit (RD) | 6.7 | 6.7 | Quarterly |
| 5 Year Senior Citizens Savings Scheme (SCSS) | 8.2 | 8.2 | Paid Quarterly |
| 5 year Monthly Income Scheme (MIS) | 7.4 | 7.4 | Paid Monthly |
| 5 Year National Savings Certificate (NSC) | 7.7 | 7.7 | Annual |
| Public Provident Fund (PPF) Scheme | 7.1 | 7.1 | Annual |
| Kisan Vikas Patra (KVP) | 7.5* | 7.5* | Annual |
| Sukanya Samriddhi Account Scheme (SSAS) | 8.0 | 8.2 | Annual |
* will mature in 115 months (Q1, Q2, Q3 & Q4).
GoI Notification dated 29/12/2023: Revised/Increased Interest Rates (Small Savings Schemes) for Q4 of FY 2023-24 (01/01/2024 to 31/03/2024)
Related Posts:
Summary of GOI Notifications on Quarterly Changes in Interest Rates of Small Saving Schemes