New Delhi: The Government of India has decided to maintain the interest rates on various small savings schemes for the third quarter of the financial year 2023-24, starting from October 1, unchanged. The Ministry of Finance released the circular on Friday. The interest rate for 5 years recurring rate has been increased by 20 bps from 6.5% to 6.7%.
This decision will directly impact millions of citizens across India who have invested in various small savings schemes. Some popular schemes include the Senior Citizen Savings Scheme, Monthly Income Account Scheme, National Savings Certificate, Public Provident Fund Scheme, Kisan Vikas Patra, Sukanya Samriddhi Account Scheme, among others.
The new interest rates for small savings schemes for October quarter as detailed below:
| Instrument | Rates of interest from July 1 to Sep 30 | Rates of interest from October 1 to December 31 |
| Savings Deposit | 4.0 | 4.0 |
| 1 year time deposit | 6.9 | 6.9 |
| 2 year time deposit | 7.0 | 7.0 |
| 3 year time deposit | 7.0 | 7.0 |
| 5 year time deposit | 7.5 | 7.5 |
| Senior Citizen Savings Scheme | 8.2 | 8.2 |
| Monthly Income Account Scheme | 7.4 | 7.4 |
| National Savings Certificate | 7.7 | 7.7 |
| Public Provident Fund Scheme | 7.1 | 7.1 |
| Kisan Vikas Patra | 7.5 (will mature in 115 months) | 7.5 (will mature in 115 months) |
| Sukanya Samriddhi Account Scheme | 8.0 | 8.0 |
| 5 year recurring deposit | 6.5 | 6.7 |
The interest rates for Small Savings Schemes have been kept unchanged for October quarter.
