Government has notified revised/increased interest rates for certain Small Saving Schemes (Post office Recurring/Time Deposits) for Q2 of FY 2023-24 (01/07/2023 to 30/09/2023), as compared to the interest rates applicable in respect of Q1 of FY 2023-24 (01/04/2023 to 30/06/2023).
Q2 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 Q2 of FY 2023-24 (01/07/2023 to 30/09/2023), are as under:
i) Sukanya Samriddhi Account Scheme (SSAS): 8.0% (no change);
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 Recurring Deposit (RD): Increased from 6.2% to 6.5%;
viii) Savings Bank Deposits: 4% (no Change); and
ix) Post Office Time Deposit:
a) one year term: Increased from 6.8% to 6.9%,
b) two year term: Increased from 6.9% to 7.0%;
c) three year term: 7.0% (no change); and
d) five year term: 7.5% (no change).
| Instruments | Interest Rates (Q1 of FY 2023-24) |
Interest Rates (Q2 of FY 2023-24) |
Compounding |
| Savings Bank Deposit (SB) | 4.0 | 4.0 | Annual |
| 1 Year Time Deposit (TD) | 6.8 | 6.9 | Quarterly |
| 2 Year Time Deposit (TD) | 6.9 | 7.0 | Quarterly |
| 3 Year Time Deposit (TD) | 7.0 | 7.0 | Quarterly |
| 5 Year Time Deposit (TD) | 7.5 | 7.5 | Quarterly |
| 5 Year Recurring Deposit (RD) | 6.2 | 6.5 | 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 | 8.0 | Annual |
* will mature in 115 months (Q1 & Q2).
GoI Notification dated 30/06/2023: Revised/Increase Interest Rates for Small Savings Schemes for Q2 of FY 2023-24 (01/07/2023 to 30/09/2023)
Conclusion
For investors who want to receive assured returns on their investments, small savings schemes are a safe and dependable choice. These schemes are more appealing and competitive than other investment options on the market due to the revised interest rates for Q2 of FY 2023–24. In order to make an informed investment selection, it is also critical to maintain track of the latest interest rates.
Related Posts:
Summary of GOI Notifications on Quarterly Changes in Interest Rates of Small Saving Schemes