Govt hikes interest rates on small savings schemes

Government has increased interest rates on various small savings schemes for the fourth quarter of the current Financial Year starting from January 1,2023. The interest rate of five year National Saving Certificate has been increased to 7 per cent from 6.8 per cent. The Finance Ministry said, the interest rate on senior citizen saving scheme increased to 8 per cent from 7.6 per cent. The Monthly Income Account Saving has also been increased to 7.1 per cent from 6.7 per cent. The interest rate on Kisan Vikas Patra will now be 7.2 percent and will mature in 120 months. The interest rate of small savings deposit of one year time period has been increased to 6.6 per cent from 5.5 per cent. 

The rates of Interest on various #SmallSavingsSchemes for the fourth quarter of the FY 2022-23 starting from 1st January 2023 and ending on 31st March 2023 have been revised. pic.twitter.com/mBzUXAiYFB

— Ministry of Finance (@FinMinIndia) December 30, 2022

However, the interest rate on the Public Provident Fund scheme, Sukanya Samriddhi Account Scheme, and Saving Deposit have been kept unchanged.