Government raises interest rates on modest savings programs, with Sukanya Samridhi Yojana seeing the highest increase
The government has significantly increased the interest rates on minor savings programmes like the Sukanya Samriddhi Yojana, National Savings Certificate (NSC), and Monthly Income Program. (MIS).
The new rates will be in force for the first quarter of 2023–2024, or from April 1, 2023, to June 30, 2023. However, the interest rates on savings deposits and PPFs have remained the same at 4% and 7.1%, respectively.
Sukanya Samriddhi Yojana’s interest rate has increased considerably from its previous 7.6% to 8%, while the NSC interest rate has increased from its previous 7.0% to 7.7%.
The interest rate for the Senior Citizens Savings Scheme has gone up from 8% to 8.2%, while the interest rate for the Kisan Vikas Patra (KVP) has gone up from 7.2% to 7.5%. According to a notification from the finance ministry, the new rate is for KVP maturing in 115 months as opposed to the current rate, which is for KVP with a 120-month maturity period.
The interest rate for the Senior Citizens Savings Scheme has gone up from 8% to 8.2%, while the interest rate for the Kisan Vikas Patra (KVP) has gone up from 7.2% to 7.5%. According to a notification from the finance ministry, the new rate is for KVP maturing in 115 months as opposed to the current rate, which is for KVP with a 120-month maturity period.
Similar to this, the interest rate for a three-year time deposit plan has grown from 6.9% to 7.0%, and for a five-year time deposit plan, it has climbed from 7.0% to 7.5%. Every quarter, the government changes the interest rates for small savings programmes.
The government has significantly increased the interest rates on minor savings programmes like the Sukanya Samriddhi Yojana, National Savings Certificate (NSC), and Monthly Income Program. (MIS).
The new rates will be in force for the first quarter of 2023–2024, or from April 1, 2023, to June 30, 2023. However, the interest rates on savings deposits and PPFs have remained the same at 4% and 7.1%, respectively.
Sukanya Samriddhi Yojana’s interest rate has increased considerably from its previous 7.6% to 8%, while the NSC interest rate has increased from its previous 7.0% to 7.7%.
The interest rate for the Senior Citizens Savings Scheme has gone up from 8% to 8.2%, while the interest rate for the Kisan Vikas Patra (KVP) has gone up from 7.2% to 7.5%. According to a notification from the finance ministry, the new rate is for KVP maturing in 115 months as opposed to the current rate, which is for KVP with a 120-month maturity period.
The interest rate for the Senior Citizens Savings Scheme has gone up from 8% to 8.2%, while the interest rate for the Kisan Vikas Patra (KVP) has gone up from 7.2% to 7.5%. According to a notification from the finance ministry, the new rate is for KVP maturing in 115 months as opposed to the current rate, which is for KVP with a 120-month maturity period.
Similar to this, the interest rate for a three-year time deposit plan has grown from 6.9% to 7.0%, and for a five-year time deposit plan, it has climbed from 7.0% to 7.5%. Every quarter, the government changes the interest rates for small savings programmes.
