NL Corresspondent
The government on Friday raised interest rates on most post office saving schemes by up to 0.7 per cent for the April-June 2023 quarter in line with the firming of interest rates in the economy. While the interest rates for popular PPF and savings deposits have been retained at 7.1 per cent and 4 per cent, respectively, there has been an increase between 0.1 per cent and 0.7 per cent in other saving schemes, a finance ministry statement said. The highest increase was in the interest rate of the National Savings Certificate (NSC), which will now attract 7.5 per cent, up from 7 per cent, for the April 1 to June 30, 2023 period. The new rate for the girl child savings scheme Sukanya Samriddhi has been increased to 8 per cent from 7.6 per cent.
The interest rate on the senior citizen savings scheme and Kisan Vikas Patra (KVP) is 8.2 per cent (up from 8 per cent) and 7.6 per cent (up from 7.2 per cent), respectively. KVP will now mature in 115 months as against 120 months earlier.
Interest rates were increased in the last quarter as well. Interest rates for small savings schemes are notified on a quarterly basis. With the revision, a one-year term deposit with post offices would earn 6.8 per cent (up from 6.6 per cent); for two years — 6.9 per cent (up from 6.8 per cent); three years — 7 per cent (up from 6.9 per cent); and five years — 7.5 per cent (7 per cent).
