Post Office Recurring Deposit (RD) Interest Rate July-September 2023: Will it increase above 6.3%?

financialexpress.com:

Post Office Recurring Deposit (RD) Interest Rate July-September 2023: The interest rate of the 5-year Post Office Recurring Deposit (RD) for the July-September quarter of FY 2023-24 will be announced today (June 30). Post Office RD account holders are hoping for a further hike in the interest rate. However, another hike is unlikely as the Post Office RD interest rate was revised in the last quarter.

In the April-June quarter of FY 2023-24, the Post Office RD interest rate was revised to 6.2%. Post Office RD allows investors to deposit any amount in their accounts on a monthly basis, starting from Rs 100 and thereafter in multiples of Rs 10. With Post Office RD of Rs 100 per month, depositors can get Rs 7043 on maturity after 5 years. The Post Office RD account can be extended for another 5 years by giving an application at the concerned Post Office. The KVP interest rate is compounded quarterly.

In last six months, the Government has revised the interest rates for several small savings schemes such as Senior Citizen Savings Scheme (SCSS), National Savings Certificate (NSC), Sukanya Samriddhi Yojana (SSY) account, Kisan Vikas Patra (KVP), and Post Office deposit schemes like Post Office Time Deposit, Post Office Monthly Income Scheme (POMIS) and Post Office Recurring Deposit (RD). However, the PPF interest rate has not been increased.

As the RBI has paused the repo rate hike and inflation seems to coming down, experts believe there is a very less possibility of a further hike in the Post Office RD account interest rate today.

The interest rates of small savings schemes, including Post Office RD, are linked to yields of Government Securities (G-Secs). The Finance Ministry reviews the interest rates of small savings schemes