The Centre has hiked the interest rates of small savings schemes by up to 70 bps for the April-June 2023 quarter. The interest rates on small savings schemes are reviewed every quarter
The interest rates of schemes like the Senior Citizen Savings Scheme, Monthly Income Savings Scheme, National Savings Certificate, Kisan Vikas Patra, and Sukanya Samriddhi Account Scheme have been revised this quarter
The interest rate on the Public Provident Fund (PPF) has yet again been kept unchanged at 7.1%.
The interest rate for Senior Citizens Savings Scheme has been hiked to 8.2% from 8%. The Centre has raised the maximum deposit limit for Senior Citizen Savings Scheme (SCSS) to Rs 30 lakh from this fiscal
The interest rate for Monthly Income Account scheme has also been hiked to 7.4% from 7.1%. The maximum deposit limit for MIS has been increased from Rs 4.5 lakh to Rs 9 lakh for a single account, and from Rs 9 lakh to Rs 15 lakh for a joint account.
Interest rate for National Savings Certificate has been raised to 7.7% from 7%
The interest rates for Post Office Recurring Deposit, Kisan Vikas Patra (KVP), and Sukanya Samriddhi Yojana have been hiked to 6.2%, 7.5% (115 months), 8.2%, respectively
The newly added Mahila Samman Saving Certificate is specially designed for women investors to encourage investments.The interest rate for this scheme is 7.5% per annum. The interest will be compounded quarterly and credited to the account