Centre raises interest rates on small savings schemes. Check out rates

The rate of interest has been increased by 70 basis points which will be applicable from April 1

Updated on: Mar 31, 2023, 18:45:08 IST

By HT News Desk

Prefer HTon Google

Share via

Copy link

Union ministry of finance on Friday hiked interest rates on different small savings schemes by 70 basis points which will be applicable from the next quarter of the financial year starting April 1. The increased rate of interest is applicable on schemes including National Savings Certificate, Kisan Vikas Patra, Monthly Income Savings Scheme and all post office time deposits.

The increased rate of interest is applicable from April 1. (Shutterstock)

The revised interest rate is not applicable on the Public Provident Fund (PPF) scheme.

Check out new rates of interest:

According to the revised rates, interests for the Senior Citizens Savings Scheme have been raised from 8% to 8.2%. Similarly, for Kisan Vikas Patra it has been hiked from 7% to 7.2%.

The Centre has also increased the interest rate for the monthly income account scheme from 7.1% to 7.4%. Interest rates for one through five-year time deposit, excluding four year term, have also been increased.

ABOUT THE AUTHOR
HT News Desk
Follow the latest breaking news, major developments and agenda-setting stories from India and around the world with the newsdesk at Hindustan Times. Operating round the clock, the desk brings together experienced editors, reporters and correspondents to deliver fast, accurate and contextual reporting across subjects that influence public policy, governance, business, society and international affairs. The HT News Desk covers politics, elections, government policies, the economy, business and markets, science and technology, the environment, law and order, infrastructure, education, climate issues and geopolitics, while closely tracking developments across states, institutions and global capitals. The team also leads coverage of major breaking news events, policy announcements, court proceedings, natural disasters, public emergencies and significant international developments. Reports published by the newsdesk are based on information gathered from reporters on the ground, official statements, government agencies, court records, regulatory filings, recognised institutions and other authoritative sources. Stories undergo editorial scrutiny and verification processes to ensure accuracy, fairness and relevance, and are updated as events evolve and additional information becomes available. Whether covering a key political decision in New Delhi, an economic policy shift affecting millions, a landmark court ruling or a major global event, the HT News Desk aims to provide readers with reliable, fact-based journalism that delivers not only the latest developments but also the context and analysis needed to understand their wider implications.Read More

Stay updated with the latest Business News on Petrol Price, Gold Rate, Silver Rates, Diesel Prices along with Income Tax Calculator