The government has increased interest rates on small savings schemes by up to 140 basis points over the last six months. And if it follows what the formula prescribes, interest rates may be increased further for the first quarter of 2023-24
The interest rate for senior citizens savings scheme has been hiked to 8.2 per cent.However, the govt has kept the rate for PPF scheme unchanged for this period
Small savings schemes interest rates have been hiked by 10-70 basis points for the latest quarter. But the interest rate on PPF has been left unchanged at 7.1% .
In a notification issued on Friday, the finance ministry said that the interest rates of schemes like the Senior Citizen Savings Scheme, Monthly Income Savings Scheme, National Savings Certificate, Kisan Vikas Patra, all post office time deposits and Sukanya Samriddhi Account Scheme have been revised.