The Ministry of Finance, Department of Economic Affairs, Government of India, has issued an Office Memorandum dated 29.12.2023, regarding the revision of interest rates for Small Savings Schemes for the fourth quarter of the financial year 2023-24.
Revised Interest Rates for Various Schemes (Effective from 01.01.2024 to 31.03.2024):
– Savings Deposit: 4.0%
– 1 Year Time Deposit: 6.9%
– 2 Year Time Deposit: 7.0%
– 3 Year Time Deposit: 7.7%
– 5 Year Time Deposit: 7.5%
– 5 Year Recurring Deposit: 6.7%
– Senior Citizen Savings Scheme: 8.2%
– Monthly Income Account Scheme: 7.4%
– National Savings Certificate: 7.7%
– Public Provident Fund Scheme: 7.1%
– Kisan Vikas Patra: 7.5% (will mature in 115 months)
– Sukanya Samriddhi Account Scheme: 8.2%
The revised rates will be applicable from 1st January 2024 to 31st March 2024. This decision has received the approval of the competent authority.