Revision of Interest Rates for Small Savings Schemes for the 1st Quarter of FY 2023-24 from 01.04.2023 to 30.06.2023 – Finmin Order Dated 31.03.2023
The Department of Economic Affairs (Budget Division) has released the rate of interest on Small Savings Schemes for the first quarter of financial year 2023-24 starting from April to June 2023, Interest Rate Hike in 1 Year, 2 Year, 3 Year, 5 year Time Deposit, 5 Year RD, Senior Citizen Savings Scheme, Monthly Income Account Scheme, National Savings Certificate, Kisan Vikas Patra and Sukanya Samriddhi Account Scheme.
F.No.1/4/2019-NS
Government of India
Ministry of Finance
Department of Economic Affairs
(Budget Division)
OFFICE MEMORANDUM
North Block, New Delhi
Date: March 31, 2023
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 | 4.0 | 4.0 |
| 1 Year Time Deposit | 6.6 | 6.8 |
| 2 Year Time Deposit | 6.8 | 6.9 |
| 3 Year Time Deposit | 6.9 | 7.0 |
| 5 Year Time Deposit | 7.0 | 7.5 |
| 5 Year Recurring Deposit | 5.8 | 6.2 |
| Senior Citizen Savings Scheme | 8.0 | 8.2 |
| Monthly Income Account Scheme | 7.1 | 7.4 |
| National Savings Certificate | 7.0 | 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 | 8.0 |
2. This has the approval of competent authority.
(Kapil Patidar)
Deputy Secretary (Budget)