Small Schemes rates for December Quarter to Hike: Before investing in savings schemes, you should know which scheme is giving you the highest interest, to get complete information, stay connected with the news till the end.
Investors in Small Saving Schemes expect an increase in interest rates for the October-December quarter. Last time also the Finance Ministry had not increased the interest rates on 9 out of 12 schemes , but this time the investors of these schemes are likely to get the benefit of higher interest rates. Especially the government can give the gift of higher interest rates to the investors of Sukanya and PPF savings schemes.
When will the interest rates for October-December quarter be announced?
The Central Government is running Small Saving Schemes or Post Office Saving Schemes with the aim of encouraging the countrymen to save. The government revises interest rates to give more profits to those investing in 12 types of small savings schemes.
The Finance Ministry reviews the savings schemes every quarter and announces the interest rates applicable in the next quarter on the last date of the last month of the quarter. The interest rates for the upcoming October-December quarter may be announced on September 30.
Interest of which schemes increased in July-September quarter
On June 30, the central government had announced an increase in the interest rates of small savings schemes by 30 bps for the July-September 2023 quarter. Out of 12 types of savings schemes, the Center has increased the interest rates of schemes like 1 and 2 year post office time deposit, 5 year recurring deposit.
The interest rate on Post Office Time Deposit Scheme has been increased from 6.8 percent to 6.9 percent for 1 year.
The interest rate on 2 year post office time deposit has been increased from 6.9 percent to 7 percent.
The interest rate on 5 year recurring deposit scheme has been increased from 6.2 percent to 6.5 percent.
Interest rates will increase on 9 schemes, see current rates
The Finance Ministry has not increased the interest rates for 9 schemes announced in June. Whereas, the interest rates on Sukanya and PPF schemes have not been increased for the last several quarters. In such a situation, this time there is a possibility of interest rate increase on these schemes.
Saving Deposit Scheme – Current interest rate 4.0 percent
- 3 Year Time Deposit Scheme – Current Interest Rate 7%
- 5 Year Time Deposit Scheme – Current Interest Rate 7.5%
- Senior Citizen Saving Scheme – Current Interest Rate 8.2%
- Monthly Income Account Scheme – Current Interest Rate 7.4%
- National Savings Certificate Scheme – Current Interest Rate 7.7 percent
- Public Provident Fund Scheme – Current interest rate 7.1 percent
- Kisan Vikas Patra Scheme – Current interest rate 7.5 percent
- Sukanya Samriddhi Account Scheme – Current interest rate 8 percent
How much was the interest rate increased in the April-June quarter?
The government had last increased the interest rates of small savings schemes by up to 70 bps for the April-June 2023 quarter. Among these, the interest rates of schemes like Senior Citizen Savings Scheme, Monthly Income Savings Scheme, National Savings Certificate, Kisan Vikas Patra, All Post Office Fixed Deposits and Sukanya Samriddhi Account Scheme were increased.
