Small Savings Scheme Interest Rate Hiked: Government Gave New Year Gift To Investors, Increased Interest Up To 1.10% On Schemes Like NSC, KVP, FD

Small Savings Scheme Interest Rate Hiked – NSC, KVS, Post Office Term Deposit like Small Savings Scheme Interest Rate Revised for FY23’s 4th Quarter: The Central Government has given a gift to the investors of small savings scheme on the occasion of New Year. The government has increased the interest rates on most small savings schemes by 110 basis points i.e. up to 1.10 per cent. The new interest rates are applicable from January 1, 2023. The government has increased the interest rates for the last quarter of the financial year 2022-2023 i.e. the fourth quarter (January-March 2023). The Department of Economic Affairs of the Ministry of Finance has given this information through a circular on this Friday.

No change in interest rate on PPF, RD and Sukanya Samriddhi Scheme

According to the issued circular, the interest rate has been increased on National Saving Certificate, Port Office Term Deposit, Senior Citizen Saving Scheme, Monthly Income Account Scheme, Kisan Vikas Patra. In the last quarter of the current fiscal year, the government has not made any change in the interest rate on Public Provident Fund Scheme (PPF) and Sukanya Samriddhi Account Scheme (SSAS) and Recurring Deposits with a tenure of 5 years.

Interest increased up to 1.1% on post office time deposits

The government has increased the interest rate on National Savings Certificate ie NSC from 6.8 percent to 7 percent. Similarly, the interest rate on Senior Citizen Savings Scheme has been increased from 7.6 per cent to 8 per cent. The government has increased interest by up to 1.1 per cent on post office term deposits of various durations. The interest on the Monthly Income Account Scheme was 6.7 per cent in the third quarter, which has now been reduced to 7.1 per cent in the January-March quarter. Earlier, investors were being given the benefit of 7 percent return on Kisan Vikas Patra with maturity in 123 months, but now in the last quarter of the current financial year, the same scheme with maturity of 120 months will get 7.2 percent interest. The new interest rates will be applicable tomorrow.

In the new year, investors will get 7.1% and 7.6% interest rates on deposits under PPF and Sukanya Samriddhi Yojana, popular schemes that provide tax deduction benefits, for the January-March period. The government has not made any changes in this at present. Apart from this, 5.8% interest will be available in the last quarter as before on 5-year recurring deposit.

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