Check New Interest Rates Of PPF, Post Office Savings, RD, NSC Certificate After Hike

The interest rates of small saving schemes including the Public Provident Fund (PPF), Sukanya Samriddhi Yojana and National Savings Certificate have been hiked by up to 0.3 per cent for the July-September quarter.

For the five-year recurring deposit (RD), the government has increased a 0.3 per cent interest rate, the highest among the savings scheme. During the second quarter of the current fiscal, RD holders would get 6.5 per cent against the existing 6.2 per cent, as per the finance ministry notification.

After the latest hike, a one-year term deposit with post offices will get 0.1 percentage higher point at 6.9 per cent and for the two years tenor -- 7 per cent (up from 6.9 per cent). Interest rates for small savings schemes are notified on a quarterly basis.

However, interest rates on term deposits for three years and five years have been retained at 7 per cent and 7.5 per cent. The interest rates for popular PPF and savings deposits are retained at 7.1 per cent and 4 per cent, respectively.

The interest rate on the National Savings Certificate (NSC) remained unchanged at 7.7 per cent for July 1 to September 30, 2023, period.

The new rate for the girl child savings scheme Sukanya Samriddhi too stood at the existing level of 8 per cent.

The interest rate on the senior citizen savings scheme and Kisan Vikas Patra (KVP) is 8.2 per cent and 7.5 per cent, respectively.

It has to be noted that interest rates were hiked in the last (January-March) quarter as well as the April-June quarter.

However, the government has not increased the interest rate for Monthly Income Scheme, and this will earn 7.4 per cent for the investors.

The Reserve Bank since May has raised the benchmark lending rate by 2.5 per cent to 6.5 per cent, prompting banks to raise interest rates on deposits as well.

Check Out The New Interest Rates: