Small Saving Scheme Interest Rate Hike Latest Update:: The Centre said the nterest rates on Public Provident Fund (PPF) and the girl child savings scheme Sukanya Samriddhi has not been changed this time.
Small Saving Scheme Interest Rate Hike Latest Update: The Central government on Friday hiked interest rates on small saving schemes, including post office term deposits, NSC (National Savings Certificate) and senior citizen savings scheme — by up to 1.1 percentage points from January 1. The move has been taken in line with firming interest rates in the economy.
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However, the interest rates on Public Provident Fund (PPF) and the girl child savings scheme Sukanya Samriddhi has not been changed this time.
In a statement, the Centre said the National Savings Certificate (NSC) will get a 7 per cent interest rate from January 1, compared to 6.8 per cent at present. In the similar manner, the senior citizen savings scheme will give 8 per cent interest against 7.6 per cent currently.
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Likewise, the interest rates on Post office term deposit schemes of duration 1 to 5 years will rise by up to 1.1 percentage points. The monthly income scheme too will yield 7.1 per cent interest, up from 6.7 per cent.
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Notably, this is the second hike since September after the Centre hiked interest rates on some small savings scheme for the October-December 2022. It was the first-time hike after January 2019. Earlier, the interest rates were hiked for Kisan Vikas Patra (KVP), senior citizens savings scheme, monthly income account scheme, and time deposits for two and three years. The rates were increased in the range of 10-30 basis points.
