Government Keeps Small Savings Scheme Interest Rates Steady for Q3 2023
The central government has announced that interest rates for various small savings schemes will remain unchanged for the July-September quarter. Key schemes like PPF, SCSS, and Sukanya Samriddhi Yojana maintain rates at 7.1%, 8.2%, and 8.2%, respectively, ensuring continued financial stability for millions of investors.
- Country:
- India
The Indian government has opted to maintain the interest rates for various small savings schemes at existing levels for the third quarter of 2023, as per a notification released by the Ministry of Finance on Monday.
Among these schemes, the Public Provident Fund (PPF) will continue offering a 7.1% interest rate, a figure unchanged due to the scheme's popularity for its tax advantages and long-term benefits. Similarly, senior citizens utilizing the Senior Citizen Savings Scheme (SCSS) will benefit from a stable 8.2% interest rate, aimed at providing enhanced financial security with attractive returns.
Additional schemes like the Sukanya Samriddhi Yojana, which aligns with the 'Beti Bachao Beti Padhao' initiative, will also retain an interest rate of 8.2%. Meanwhile, the National Savings Certificate (NSC), delivering moderate returns with a guaranteed 7.7% interest rate, remains a secure choice for investors. Other maintained rates include the Post Office Monthly Income Scheme at 7.4% and the Kisan Vikas Patra at 7.5%, both offering reliable returns. The 5-Year Recurring Deposit stands at 6.7%, ensuring orderly investment growth.
(With inputs from agencies.)
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