31 Dec, 2023 10:14 AM

Small Savings Rates hiked for two schemes; PPF remains static

Small Savings Rates hiked for two schemes; PPF remains static

The Union government announced minor increases in returns for the Sukanya Samriddhi Account Scheme (SSAS) and 3-year time deposits for the first quarter of 2024, raising rates from 8% to 8.2% and from 7% to 7.1%, respectively. However, most small savings schemes, including the Public Provident Fund (PPF), maintained unchanged interest rates. This decision followed previous hikes in select schemes, with the PPF rate unchanged since April 2020, despite the RBI's recommendations for adjustments based on the formula-based rates regime for small savings schemes introduced in 2016. The rates for the upcoming quarter are linked to government bond yields between September and November 2023, indicating stability in returns for several popular savings schemes.

Government of India
Ministry of Finance
Department of Economic Affairs
(Budget Division)

North Block, New Delhi
Dated: 29.12.2023


Subject: Revision of Interest Rates for Small Savings Schemes – reg.

The rates of interest on various Small Savings Schemes for the fourth quarter of financial year 2023-24 starting from 1st January, 2024 and ending on 31st March, 2024 have been revised as detailed below:

Instrument Rates of interest from 01.10.2023 to 31.12.2023 Rates of interest from 01.01.2024 to 31.03.2024
Savings Deposit 4.0 4.0
1 Year Time Deposit 6.9 6.9
2 Year Time Deposit 7.0 7.0
3 Year Time Deposit 7.0 7.1
4 Year Time Deposit 7.5 7.5
5 Year Recurring Deposit 6.7 6.7
Senior Citizen Savings Scheme 8.2 8.2
Monthly Income Account Scheme 7.4 7.4
National Savings Certificate 7.7 7.7
Public Provident Fund Scheme 7.1 7.1
Kisan Vikas Patra 7.5 (will mature in 115 months) 7.5 (will mature in 115 months)
Sukanya Samriddhi Account Scheme 8.0 8.2

2. This has the approval of competent authority.

(Kapil Patidar)
Deputy Secretary (Budget)
Tele – 01123xxxxxxx

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