PPF, Sukanya Samriddhi, SCSS, NSC interest rates for December 2023 quarter announced; check here
small savings schemes for the October-December 2023 quarter. The interest rates of certain small savings schemes or post office schemes for the quarter ending December 31, 2023 have been increased by the government. The interest rates of all schemes expect the recurring deposit rate have been kept unchanged.
The finance ministry made this announcement via a circular issued on September 30, 2023. (One percentage point is equivalent to 100 basis points.) The interest rate of the 5-year post office recurring deposit (RD) has been hiked by 0.2% and will now earn 6.7%.
The interest rate on the Public Provident Fund (PPF) has yet again been kept unchanged at 7.1 per cent.
Here is a look at the interest rates on various small savings schemes for the third quarter of FY 2023-24.
InstrumentRates of interest from Jul-Sep 2023 (%)Rates of interest from Oct-Dec 2023 (%)Savings Deposit441 Year Time Deposit6.96.92 Year Time Deposit773 Year Time Deposit775 Year Time Deposit7.57.55 Year Recurring Deposit6.56.7Senior Citizen Savings Scheme8.28.2Monthly Income Account Scheme7.47.4National Savings Certificate7.77.7Public Provident Fund Scheme7.17.1Kisan Vikas Patna7.5 (will mature in 115 months)7.5 (will mature in 115 months)Sukanya Samriddhi Account88
How the interest rates small savings schemes are set
The interest rates on small savings schemes are reviewed every quarter by the government. The formula to arrive at the interest rates for small savings scheme was given by the Shyamala Gopinath Committee. The committee had suggested that the interest rates of different schemes should be 25-100 bps higher than the yields of the government bonds of similar maturity.
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