Small Saving Rate Hike: The government has announced to increase the interest rates of small savings schemes. There is good news for those investing in Kisan Vikas Patra, Post Office Deposit Schemes, NSC and Senior Citizen Saving Schemes. The Finance Ministry has decided to increase the interest rates on these savings schemes by 20 to 110 basis points for the fourth quarter of the financial year 2022-23 from January to March. However, there has been no change in the interest rates offered on PPF Sukanya Samridhi Yojana (Sukanya Samridhi Yojana).
|savings plan||interest in the third quarter||4th quarter interest|
|1 year deposit||5.50%||6.60%|
|2 year deposit||5.70%||6.80%|
|3 years deposit||5.80%||6.90%|
|5 years deposit||6.70%||7.00%|
|5 Year Recurring Deposit||5.80%||5.80%|
|Senior Citizen Saving||7.60%||8.00%|
|monthly income account||6.70%||7.10%|
|National Savings Certificate||6.80%||7.00%|
|Kisan Vikas Patra||7.0% (123 months)||7.2% (120 months)|
|Sukanya Samriddhi Yojana||7.60%||7.60%|
Interest rates not increased on PPF, Sukanya scheme
The Finance Ministry has not made any change in the interest rates of PPF, Sukanya Samriddhi Yojana for the January to April quarter. Public Provident Fund (PPF) will continue to get 7.1 percent interest, Sukanya Samridhi Yojana will continue to get 7.6 percent interest. The interest rate of 5.80 percent has been retained on the 5-year recurring deposit of the post office.
Interest rates increased after repo rate hike
RBI has increased the policy rates repo rate after its monetary policy meeting for five consecutive times. On December 8, the repo rate was increased by 35 basis points. After which the repo rate has increased from 4 percent to 6.25 percent in 2022.
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