Government of India increased interest rates on select small savings schemes. Loktej Business News

Government of India increased interest rates on select small savings schemes.  Loktej Business News


The government has announced a significant increase in interest rates for various small savings schemes including Senior Citizen Savings Schemes, National Savings Certificate (NSC), Sukanya Samriddhi Yojana and Monthly Income Scheme (MIS). These new rates will be applicable from April 1, 2023 and will be applicable till June 30, 2023 i.e. the first quarter of 2023-24. While savings deposit and public provident fund (PPF) interest rates are unchanged at 4% and 7.1% respectively, the Sukanya Samriddhi Yojana interest rate has been raised to 8% from 7.6%. Similarly, the interest rate for NSC has been increased from 7% to 7.7%.

Know what is the new rates

Let us tell you that the interest rate for senior citizen savings schemes has been increased from 8% to 8.2%, while the interest rate for Kisan Vikas Patra (KVP) has been increased from 7.2% to 7.5%. It is worth noting that the revised KVP interest rate is applicable for a maturity period of 115 months instead of the existing 120 months. In addition, the interest rate for MIS has been increased from 7.1% to 7.4%, and the five-year recurring deposit interest rate from 5.8% to 6.2%.

This is the interest of new three year and five year fixed deposit schemes

Meanwhile, the interest rate for one-year fixed deposits has been increased from 6.6% to 6.8%, and for two-year fixed deposits from 6.8% to 6.9%. Interest rates for three-year and five-year fixed deposit schemes have been increased from 6.9% to 7% and 7% to 7.5%, respectively.



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