Revised Interest Rates for Small Savings Schemes 1st quarter 2023-24
Introduction-
The Central Government hiked the rates of interest on various small saving schemes including Senior Citizen Savings scheme, Sukanya Samriddhi Account scheme, Monthly Income Savings scheme, National Savings Certificate, Kisan Vikas Patra and all post office time deposits for the 1st quarter of financial year 2023-24 i.e. 01.04.2023 to 30.06.2023, has been revised.
However, the government has kept the interest rate for Public Provident Fund (PPF) scheme unchanged at 7.1 per cent for this period.
Interest rates for small saving schemes are notified on a quarterly basis.
The following schemes are covered under small saving schemes, the comparable chart of interest rate for the Q4 of financial year 2022-23 & Q1 of financial year 2023-24 are as under-
Detailed chart is as under-
Instruments
|
Interest Rate (Q4 of 2022-23)
|
Interest Rate (Q1 of 2023-24
|
Compounding frequency
|
Savings Deposit (SD)
|
4.00
|
4.00
|
Annually
|
1 Year Time Deposit (TD)
|
6.60
|
6.80
|
Quarterly
|
2 Year Time Deposit (TD)
|
6.80
|
6.90
|
Quarterly
|
3 Year Time Deposit (TD)
|
6.90
|
7.00
|
Quarterly
|
5 Year Time Deposit (TD)
|
7.00
|
7.50
|
Quarterly
|
|
5.80
|
6.20
|
Quarterly
|
|
8.00
|
8.20
|
Quarterly and Paid
|
|
7.10
|
7.40
|
Monthly and Paid
|
|
7.00
|
7.70
|
Annually
|
|
7.10
|
7.10
|
Annually
|
|
7.20
|
7.50
|
Annually
|
|
7.60
|
8.00
|
Annually
|