The Centre has hiked interest rates on various small saving schemes like Senior Citizen Savings Scheme, National Savings Certificate (NSC), Post Office Term Deposits, for the March 2023 quarter. But there is no change in the interest rates on Public Provident Fund (PPF) and the girl child savings scheme Sukanya Samriddhi Yojana (SMY).
The Finance Ministry in a circular on Friday informed that the interest rates on these small savings schemes have been hiked by up to 110 bps for the January-March 2023 quarter.
From January 1, 2023, National Savings Certificate (NSC) holders will get a 7 percent interest rate as compared to 6.8 percent at present. The senior citizen savings scheme will yield 8 percent interest against the existing 7.6 percent.
Interest rates on Post Office Term Deposit schemes of duration 1 to 5 years have been hiked by up to 110 bps or 1.1 percentage points.
The central government reviews interest rates on small savings schemes every three months.
The government operates 12 types of small savings schemes, including Post Office Savings Schemes, PPF, Sukanya, Senior Citizen Schemes, National Savings Certificate, etc.
