Small savings schemes interest rates hiked by 30 bps for July-September quarter. Check details here
The interest rates on small savings schemes are typically reviewed every quarter by the government
The interest rate on small savings schemes for July-September quarter has been raised by 10-30 basis points and now range from 4.0 percent to 8.2 percent, the finance ministry said on June 30.
The announcement was made by the Ministry of Finance on Friday. The interest rates on small savings schemes are typically reviewed every quarter by the government. While declaring small savings interest rates for the previous quarter, the government announced up to 70 bps interest rate hikes for various small saving schemes.
The interest rates offered by the Government on most of the small savings schemes, including Post Office Fixed Deposit, are already at par with term deposits offered by banks.
The small savings interest rates, while set by the government, are linked to market yields on G-secs with a lag and are reviewed, fixed on a quarterly basis at a spread ranging from 0-100 basis points over and above G-Sec yields of comparable maturities, as per the Reserve Bank of India.
Interest rate hikes in the last quarter
The government has raised the rate of interest on various Small Savings Schemes for the April to June quarter. The interest rate on the Senior Citizen Savings Scheme was hiked by 20 basis points, National Savings Certificate by 70 basis points, Kisan Vikas Patra by 30 basis points, and Sukanya Samriddhi Yojana by 40 basis points.
Interest rate hikes in January to March period
In the January-March period, the Centre hiked the interest rates on some of the small savings schemes. The government increased the interest rate for 1-year, 2-year, 3-year, and 5-year term deposits. Besides this, it has also increased the interest rate for the Senior Citizens' Savings Scheme, Monthly Income Scheme, and the National Savings Certificate.
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Business NewsMoneyPersonal FinanceSmall savings schemes interest rates hiked by 30 bps for July-September quarter. Check details here
First Published:30 Jun 2023, 05:43 PM IST
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