The interest rates for small savings schemes were revised by the government on June 30, 2023. The new rates will be applicable from July 1, 2023 to September 30, 2023.
Table of Contents
The following are the revised interest rates for small savings schemes from 1.7.2023:
Interest Rates for Small Savings Schemes from 1.7.2023
Savings Deposit: 4.0%
Time Deposits:
1 year: 6.9%
2 years: 7.0%
3 years: 7.0%
5 years: 7.5%
Recurring Deposit:
1 year: 6.5%
2 years: 6.7%
3 years: 6.9%
5 years: 7.3%
Senior Citizen Savings Scheme: 8.2%
Monthly Income Account Scheme: 7.4%
National Savings Certificate: 7.7%
Kisan Vikas Patra: 7.6%
Sukanya Samriddhi Account Scheme: 8.1%
The interest rates for Public Provident Fund (PPF) remained unchanged at 7.1%.
The revision in interest rates for small savings schemes is in line with the rising inflation in the country. The government has been increasing the interest rates on small savings schemes in order to make them more attractive to investors.
The revised interest rates will be applicable for all new investments made in small savings schemes from July 1, 2023. Existing investments will continue to earn interest at the old rates.
Small Savings Interest Rate Order Dated 30.6.2023
Government of India
Ministry of Finance
Department of Economic Affairs
(Budget Division)
North Block, New Delhi
Dated: 30.06.2023
OFFICE MEMORANDUM
Subject: Revision of interest rates for Small Savings Schemes – reg.
The rates of interest on various Small Savings Schemes for the second quarter of financial year 2023-24 starting from 1st July, 2023 and ending on 30th September, 2023 have been revised as detailed below:
| Instrument | Rates of interest from 01.04.2023 to 30.06.2023 | Rates of interest from 01.07.2023 to 30.09.2023 |
| Saving Deposit | 4.0 | 4.0 |
| 1 Year Time Deposit | 6.8 | 6.9 |
| 2 Year Time Deposit | 6.9 | 7.0 |
| 3 Year Time Deposit | 7.0 | 7.0 |
| 5 Year Time Deposit | 7.5 | 7.5 |
| 5 Year Recurring Deposit | 6.2 | 6.5 |
| Senior Citizen Savings Scheme | 8.2 | 8.2 |
| Monthly income Account Scheme | 7.4 | 7.4 |
| National Savings Certificate | 7.7 | 7.7 |
| Public Provident Fund Scheme | 7.1 | 7.1 |
| Kisan Vikas Patra | 7.5 (will mature in 115 months) | 7.5 (will mature in 115 months) |
| Sukanya Samriddhi Account Scheme | 8.0 | 8.0 |
2.This has the approval of competent authority.
(Kapil Patidar)
Deputy Secretary (Budget)
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