Govt hikes small financial savings rates of interest, others stay unchanged

The authorities has hiked the rates of interest of small financial savings schemes by as much as 30 bps for the July-September 2023 quarter.

The rate of interest on the nationwide financial savings certificates has been hiked by 70 foundation factors (bps), the best for any instrument on this revision. The rates of interest of schemes just like the 1-and 2-year publish workplace time deposit, 5-year recurring deposits have been hiked. 

As per the notification issued by the Union Finance Ministry, the federal government has elevated the rate of interest for 1-year, 2-year, from 6.8 per cent, 6.9 per cent, within the final quarter to six.9 per cent, 7.0 per cent, respectively.

The rate of interest on the Public Provident Fund (PPF) has but once more been saved unchanged at 7.1 per cent.

Here’s a take a look at the rate of interest of varied schemes:

As per the notification issued by the Union Finance Ministry, the federal government has elevated the rate of interest for 1-year, 2-year, from 6.8 per cent, 6.9 per cent, within the final quarter to six.9 per cent, 7.0 per cent, respectively.

The rates of interest for Post Office Recurring Deposit has been hiked to six.5 per cent within the September quarter from 6.2 per cent within the June quarter.

The rates of interest for Senior Citizens’ Savings Scheme, Monthly Income Scheme, National Savings Certificate, Kisan Vikas Patra (KVP), Sukanya Samriddhi Yojana have been saved on the similar stage.

The authorities can be launching a one-time new small financial savings scheme — the Mahila Samman Bachat Patra — from April 1.

Mahila Samman Bachat Patra can now be opened in 12 public sector banks and 4 non-public sector banks. The scheme was introduced within the Union Budget this yr, and was solely out there by way of publish places of work.

According to a current notification by the Finance Ministry, one can apply for a Mahila Samman Savings Certificate, 2023, in all public sector banks and ICICI Bank, Axis Bank, HDFC Bank Ltd and IDBI Bank.

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Updated: 30 Jun 2023, 08:54 PM IST