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Union government hikes interest rate on various small savings schemes

New Delhi:  The union government has increased interest rate on various small savings schemes for the fourth quarter of the current Financial Year. The new interest rates will come into force from  January 1, 2023.

The interest rate of five year National Saving Certificate has been increased to 7% from 6.8%. The interest rate on senior citizen saving scheme increased to 8% from 7.6%. The Monthly Income Account Saving has also been increased to 7.1% from 6.7%. The interest rate on Kisan Vikas Patra will now be 7.2% and will mature in 120 months. The interest rate of small savings deposit of one year time period has been increased to 6.6% from 5.5%.

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However, the interest rate on Public Provident Fund, Sukanya Samriddhi Account and Saving Deposit have been kept unchanged.

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