Sukanya Samriddhi Yojana Rate Hike: This time the government has increased the interest rates of Sukanya Samriddhi Yojana. The interest rate on PPF has not been increased.
Small Saving Rate Hike: Before the beginning of the new financial year 2023-24, the government has announced good news for the people investing in small savings schemes. From Sukanya Samriddhi Yojana to National Savings Certificate (NSC), Kisan Vikas Patra (KIsan Vikas Patra), Post Office Deposit Schemes and those investing in Senior Citizen Saving Schemes, the Finance Ministry has Has been given a gift by increasing the interest rate on these schemes.
For the first quarter of the financial year 2023-24, from April to June, the interest rate of these savings schemes has been increased by 10 to 70 basis points. However, there has been no change in the interest rates of PPF.
Interest rates increased on Sukanya Yojana
The Ministry of Finance, while reviewing the interest rates of small savings schemes, has increased the highest interest rate on the National Savings Certificate. The interest rate of NSE has increased from 7 percent to 7.70 percent. There was no change in the interest rates of Sukanya Samriddhi Yojana in the last two reviews.
But this time for the first quarter of the financial year 2023-24, the interest rate of Sukanya Samriddhi Yojana has been increased from 7.6 percent to 8 percent. The interest rate of Kisan Vikas Patra has been increased from 7.2 percent to 7.5 percent and the maturity period has been reduced from 120 months to 115 months.
| savings plan | Q4 2022-23 | First quarter of 2023-24 |
| savings deposit | 4.00% | 4.00% |
| 1 year deposit | 6.60% | 6.80% |
| 2 year deposit | 6.80% | 6.90% |
| 3 years deposit | 6.90% | 7.00% |
| 5 years deposit | 7.00% | 7.50% |
| 5 Year Recurring Deposit | 5.80% | 6.20% |
| Senior Citizen Saving | 8.00% | 8.20% |
| monthly income account | 7.10% | 7.40% |
| National Savings Certificate | 7.00% | 7.70% |
| ppf | 7.10% | 7.10% |
| Kisan Vikas Patra | 7.2% (120 months) | 7.5% (115 months) |
| Sukanya Samriddhi Yojana | 7.60% | 8.00% |
No change in interest rates on PPF
This time the government has increased the interest rates of all schemes but there has been no change in the interest rate of PPF. The interest rate on PPF has been retained at 7.1 per cent.
The rates of interest on various Small Savings Schemes for the first quarter (Q1) of financial year 2023-24 starting from 1st April, 2023 and ending on 30th June, 2023 have been revised as follows👇 pic.twitter.com/OwLr8MxhGU
— Ministry of Finance (@FinMinIndia) March 31, 2023
Interest rates increased after repo rate hike
RBI has increased interest rates for the sixth consecutive time in February 2023 and there is talk of increasing it again on 6 April. Banks are also making the interest rates on FD attractive. In such a situation, it was necessary for the government to increase the interest rates to maintain the popularity of these schemes.
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