An office memorandum was released by the Department of Economic Affairs under the Indian Ministry of Finance on March 31, 2023, with regard to the revision of interest rates for Small Savings Schemes. The memorandum has announced the updated interest rates for the first quarter of the fiscal year 2023-24, from April 1, 2023, to June 30, 2023, without providing any specifics about the revised rates. It only notes that the revised rates have been authorized by the relevant authority.
Ministry of Finance updates Small Savings Schemes interest rates for Q1 2023-24
F.No.1/4/2019-NS
Government of India
Ministry of Finance
Department of Economic Affairs
(Budget Division)
North Block, New Delhi
Date: March 31, 2023
OFFICE MEMORANDUM
Subject: Revision of interest rates for Small Savings Schemes – reg.
The rates of interest on various Small Savings Schemes for the first quarter of financial year 2023-24 starting from 1st April, 2023 and ending on 30th June, 2023 have been revised as detailed below:
| Instrument | Rates of interest from 01.01.2023 to 31.03.2023 | Rates of interest from 01.04.2023 to 30.06.2023 |
| Savings Deposit | 4 | 4 |
| 1Year Time Deposit | 6.6 | 6.8 |
| 2 Year Time Deposit | 6.8 | 6.9 |
| 3 Year Time Deposit | 6.9 | 7 |
| 5 Year Time Deposit | 7 | 7.5 |
| 5 Year Recurring Deposit | 5.8 | 6.2 |
| Senior Citizen Savings Scheme | 8 | 8.2 |
| Monthly Income Account Scheme | 7.1 | 7.4 |
| National Savings Certificate | 7 | 7.7 |
| Public Provident Fund Scheme | 7.1 | 7.1 |
| Kisan Vikas Patra | 7.2 (will mature in 120 months) | 7.5 (will mature in 115 months) |
| Sukanya Samriddhi Account Scheme | 7.6 | 8 |
- This has the approval of competent authority.
(Kapil Patidar)
Deputy Secretary (Budget)
Source: www.dea.gov.in
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