Introduction: The Ministry of Finance, Government of India, has issued an Office Memorandum (F.No.1/4/2019-NS) dated 29.12.2023, announcing the revision of interest rates for various Small Savings Schemes for the fourth quarter of the financial year 2023-24. The revised rates will be effective from 1st January, 2024, to 31st March, 2024.
Investors and savers are advised to take note of the revised interest rates on Small Savings Schemes, effective from January 1, 2024. These adjustments reflect the government’s ongoing efforts to align the rates with prevailing economic conditions. Individuals should consider these updated rates while planning their investments and financial strategies.
F.No.1/4/2019-NS
Government of India
Ministry of Finance
Department of Economic Affairs
(Budget Division)
North Block, New Delhi
Dated: 29.12.2023
OFFICE MEMORANDUM
Subject: Revision of Interest Rates for Small Savings Schemes – reg.
The rates of interest on various Small Savings Schemes for the fourth quarter of financial year 2023-24 starting from 1st January, 2024 and ending on 31st March, 2024 have been revised as detailed below:
|
Instrument |
Rates of interest from 01.10.2023 to 31.12.2023 |
Rates of interest from 01.01.2024 to 31.03.2024 |
|
Savings Deposit |
4.0 |
4.0 |
|
1 Year Time Deposit |
6.9 |
6.9 |
|
2 Year Time Deposit |
7.0 |
7.0 |
| 3 Year Time Deposit | 7.0 |
7.1 |
|
5 Year Time Deposit |
7.5 |
7.5 |
|
5 Year Recurring Deposit |
.6.7 |
6.7 |
|
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 |
8.2 |
2. This has the approval of competent authority.
(Kapil Patidar)
Deputy Secretary (Budget)
Tele – 01123092649
*****
| Period | Interest rates of small saving schemes – Post Link |
| October 2023 to December 2023 | Revised Small Savings Schemes Interest Rates for October-December 2023 |
| July 2023 to September 2023 | Revised Small Savings Schemes Interest Rates for July-September 2023 |
| April 23 to June 23 | Interest rates for Small Savings Schemes PPF NSC etc. increased |
| Jan 23 to Mar 23 | Interest rates of small saving schemes for January 23 to March 23 |
| Oct 22 to Dec 22 | Interest rates of small saving schemes for October 22 to December 22 |
| Jul 22 to Sep 22 | Interest rates of small saving schemes for July 22 to September 22 |
| Apr 22 to Jun 22 | Interest rates of small saving schemes for April 22 to June 22 |
| Jan 22 to Mar 22 | Interest rates of small saving schemes for Jan 22 to Mar 22 |
| Oct 21 to Dec 21 | Interest Rate on Small Savings Schemes for Oct 21 to Dec 21 |
| July 21 to Sep 21 | Interest Rates for National (Small) Savings Schemes w.e.f. 01.07.2021 |
