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Government has increased the interest rate on Small Saving Schemes, know how much will be the benefit now
Today, the government has increased the interest on small savings schemes for the July-September quarter. The government has increased interest rates on small savings schemes by up to 30 bps for the July-September 2023 quarter. We are telling you on which schemes the government has increased the interest rate and on which schemes the interest rate has been kept constant.
The decision on interest rates for small savings schemes has come. The government has decided to increase the interest rate.
The government has increased interest rates on small savings schemes by 10 to 30 basis points for the July-September 2023 quarter. The Finance Ministry made this announcement through a circular issued on June 30, 2023.
The interest rates of schemes like 1 and 2-year post office time deposits and 5-year recurring deposits have been increased.
However, there has been no change in the interest rates of schemes like the Senior Citizen Savings Scheme (SCSS), Public Provident Fund (PPF), Kisan Vikas Patra (KVP), and Sukanya Samriddhi Account Scheme. Let us tell you that the interest rates on small savings schemes are reviewed by the government every quarter.
Let us tell you that in the last announcement, the government announced a hike of up to 70 basis points (bps) in most small savings interest rates for the April-June 2023 quarter.
