Ministry of Finance, Department of Economic Affairs, Budget Division, Government of India, has issued an Office Memorandum on September 29, 2023, regarding the revision of interest rates for Small Savings Schemes. These revised interest rates will be applicable for the third quarter of the financial year 2023-24, from October 1, 2023, to December 31, 2023. Let’s take a closer look at the updated interest rates for various Small Savings Schemes in India.
These revised interest rates for Small Savings Schemes play a crucial role in the financial planning of many individuals and families across India. The rates are subject to periodic revisions, and investors should keep these changes in mind while making investment decisions. The Ministry of Finance has provided clarity on the interest rates for the October-December 2023 quarter, helping citizens make informed choices for their savings and investments.
F.No.1/4/2019-NS
Government of India
Ministry of Finance
Department of Economic Affairs
(Budget Division)
North Block, New Delhi
Dated: 29.09.2023
OFFICE MEMORANDUM
Subject: Revision of interest rates for Small Savings Schemes – reg.
The rates of interest on various Small Savings Schemes for the third quarter of financial year 2023-24 starting from 1st October, 2023 and ending on 31st December, 2023 have been revised as detailed below:
| Instrument | Rates of interest from 01.07.2023 to 30.09.2023 | Rates of interest from 01.10.2023 to 31.12.2023 |
| 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 | 7.0 |
| 5 Year Time Deposit | 7.5 | 7.5 |
| 5 Year Recurring Deposit | 6.5 | 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 | 8.0 |
2. This has the approval of competent authority.
(Kapil Patidar)
Deputy Secretary (Budget)
Tele – 01123095 2649
To,
|
1. The Finance Secretary & Secretary Expenditure, Department of Expenditure North Block, New Delhi. 3. The Secretary, Department of Revenue North Block, New Delhi. 5. The Secretary, Department of Posts Dak Bhawan, New Delhi. 7. Reserve Bank of India Central Account Section, Additional Office Building, East High Court Road, Civil Lines, P.B. No.15, Nagpur – 440 001. 9. The Joint Director National Savings Institute, New Delhi. |
2. The Secretary, Department of Economic Affairs North Block, New Delhi.
4. The Secretary, Department of Financial Services Jeevan Deep Building, New Delhi. 6. The Chief General Manager (DGBA) Reserve Bank of India, Central Office, Mumbai. 8. Chief Secretaries of States / UT Government |
*****
| Period | Interest rates of small saving schemes – Post Link |
| July 23 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 |
hello 👋