Govt raises interest rates on select small saving schemes by up to 0.3 pc


PTI, Jul 1, 2023, 9:47 AM IST

PTI photo

The government on Friday raised interest rates on select saving schemes by up to 0.3 per cent for the July-September quarter in line with the high-interest rates in the banking system.

The highest increase of 0.3 per cent was for the five-year recurring deposit (RD). 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.

With the revision, a one-year term deposit with post offices will now earn 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).

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.

Interest rates were increased in the last (January-March) quarter as well as the April-June quarter.

Interest rates for small savings schemes are notified on a quarterly basis.

There is no increase in 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.

The RBI has maintained the status quo on policy rate in the last two consecutive Monetary Policy Committee meetings.

Udayavani is now on Telegram. Click here to join our channel and stay updated with the latest news.

Top News

‘Nation First’ key to India’s progress, says President Murmu

Karnataka BJP chief Vijayendra slams Cong govt over Waqf notices to farmers, fund crunch

Man declared dead wakes up before cremation, 3 doctors suspended in Rajasthan

Teen stabs man to death at railway station in Mumbai after quarrel over local train seat

BJP stages protest against Karnataka govt over Waqf properties row

Youth attempts suicide after being humiliated in public for wearing ripped jeans in Belthangady

India crawl to 51 for 4 after losing top-order

Related Articles More

Baku climate talks: The ‘X’ factor that could determine future of Global South

Kidnapped for ransom in 1998, 26/11 survivor Gautam Adani faces biggest trial

Gautam Adani charged in US with USD 250 mn bribery, fraud

India’s GDP growth likely to slip at 6.5 pc, maintains 7 pc estimate for FY25: Icra

RBI cautions public about ‘deepfake’ video of governor being circulated on social media

MUST WATCH

Christmas Cake Fruit Mixing

DK Shivakumar

Rose Cultivation

Geethotsava

Naxal Operation


Latest Additions

Centre releases 15th Finance Commission grant for rural local bodies in Karnataka

Kharge confident of Cong and allies coming to power in Maharashtra, Jharkhand

‘Nation First’ key to India’s progress, says President Murmu

Karnataka BJP chief Vijayendra slams Cong govt over Waqf notices to farmers, fund crunch

Priyanka joining forces with Rahul in Parliament will give ‘sleepless nights’ to BJP: Pilot

Thanks for visiting Udayavani

You seem to have an Ad Blocker on.
To continue reading, please turn it off or whitelist Udayavani.