Interest rates on small savings schemes unchanged for first quarter of FY23

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Interest rates on small savings schemes remain unchanged for the first quarter of FY23.

Highlights

  • Interest rates on small savings schemes are reported on a quarterly basis
  • PPF, NSC will bear annual interest rates of 7.1% and 6.8% respectively
  • The interest rate on a five-year recurring deposit will be 5.8% higher

The government on Thursday kept interest rates unchanged on small savings projects, including NSC and PPF, for the first quarter of 2022-23 due to high inflation. Interest rates have not been revised since the first quarter of 2020-21. The Public Provident Fund (PPF) and the National Savings Certificate (NSC) will bear annual interest rates of 7.1 percent and 6.8 percent, respectively, in the first quarter.

“Interest rates on various small savings schemes for the first quarter of the 2022-23 fiscal year, starting April 1, 2022 and ending June 30, 2022, will remain unchanged from the current rates applicable for the fourth quarter (January 1, 2022, to March 31, 2022). 2022) for FY 2021-22, “the finance ministry said in a statement.

Interest rates on small savings schemes are reported on a quarterly basis. The one-year deposit scheme will continue to earn an interest rate of 5.5 per cent in the first quarter of the next financial year, while the Kanya Shishu Savings Project Sukanya Samridhi Yojana account will earn 7.6 per cent.

The interest rate on the five-year Senior Citizens Savings Scheme will be maintained at 7.4 per cent. The interest on the scheme is paid quarterly to senior citizens. The interest rate on savings deposits will continue to be 4 percent per annum. One- to five-year term deposits have an interest rate of 5.5-6.7 per cent, which has to be paid quarterly, while five-year recurring deposits have an interest rate of 5.8 per cent higher.

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