The government on Friday announced revised interest rates for select small savings schemes.
The government on Friday announced revised interest rates for select small savings schemes.
Read More: Rupee Settles Flat At 83.20 Against US Dollar
The interest rate applicable to the Sukanya Samriddhi scheme was increased by 20 basis points to 8.2 per cent, and that to the three-year Time Deposit Scheme—a fixed deposit (FD) scheme with a maturity period of three years—by 10 basis points to 7.1 per cent—both with effect from January 1, according to a circular by the Ministry of Finance.
Here are the interest rates applicable to all the small savings schemes (changes highlighted):
Read More: 2024: Will PPF Rates Be Hiked For The First Time In 4 Years? What Experts Are Predicting
| Scheme | Interest rate (%) | ||
| Oct-Dec 2023 | Jan-Mar 2024 | Compounding frequency | |
| Savings Deposit | 4 | 4 | Annual |
| One-year Time Deposit | 6.9 | 6.9 | Quarterly |
| Two-year Time Deposit | 7 | 7 | Quarterly |
| Three-year Time Deposit | 7 | 7.1 | Quarterly |
| Five-year Time Deposit | 7.5 | 7.5 | Quarterly |
| Five-Year Recurring Deposit | 6.7 | 6.7 | Quarterly |
| Senior Citizen Savings Scheme | 8.2 | 8.2 | Quarterly and paid |
| Monthly Income Scheme | 7.4 | 7.4 | Monthly and paid |
| National Savings Certificate | 7.7 | 7.7 | Annual |
| Public Provident Fund Scheme | 7.1 | 7.1 | Annual |
| Kisan Vikas Patra | 7.5 (matures in 115 months) | 7.5 (matures in 115 months) | Annual |
| Sukanya Samriddhi | 8 | 8.2 | Annual |
The new rates will be applicable for the fourth quarter of the current financial year.
Read More: Bank of Baroda Hikes Fixed Deposits Rates for Various Tenors by Up to 125 Bps
The Centre reviews the interest rates applicable to small savings schemes—such as the Public Provident Fund (PPF), Kisan Vikas Patra (KVP), Monthly Income Scheme (MIS) and Senior Citizen Savings Scheme (SCSS)—on a quarterly basis, and announces any revisions at the end of each quarter.
(This story will be updated shortly)
