The Government of India offers various small savings schemes through Post Offices and banks to suit the needs of diverse groups of people. These Schemes are; Senior Citizen Savings Scheme(SCSS) for Senior Ctizen, Sukanya Samriddhi Yojana(SSY) for Girl Child, Public Provident Fund(PPF), Kisan Vikas Patra(KVP) , National Savings Certificates(NSC), Time Deposits, Recurring Deposits etc. There Rate of Interests are revised quarterly. Now the Government of India has revised and declared the rate of interests for fourth quarter of 2023-24 i.e. for the period from 1st January 2024 to 31st March 2024 for Small Saving Schemes.
Revised Interest Rates for Small Saving Schemes w.e.f. 01.01.2024 upto 31.03.2024
F.No.1/4/2019-NS
Government of India
Ministry of Finance
Department of Economic Affairs
(Budget Division)
North Block, New Delhi
Dated: 29.12.2023
OFFICE MEMORANDUM
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 |
| 5 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)
Interest Rates for Small Saving Schemes w.e.f. 01.01.2024 Frequently Asked Questions(FAQs)
| What are the interest rates offered under Small Savings Schemes? |
| The interest rates offered under the Small Savings Schemes are between 4% to 8.2% for the Period 01.01.2024 to 31.03.2024. |
| Which Scheme under Small Savings Schemes offers the highest interest rate? |
| The highest interest offered under Small Savings Schemes is Senior Citizen Savings Scheme(SCSS) and Sukanya Samriddhi Yojana(SSY) . It Currently offers 8.2% interest. |
| What is the Current interest rate on Public Provident Fund(PPF)? |
| The interest rates offered under the Public Provident Fund(PPF) Scheme is 7.1% |
| What is the Current interest rate on Post Office National Savings Certificate(NSC)? |
| The interest rates offered under the Post Office National Savings Certificate(NSC) Scheme is 7.7% |
| What is the Current interest rate on Post Office Kisan Vikas Patra(KVP)? |
| The interest rates offered under the Post Office Kisan Vikas Patra(KVP) Scheme is 7.5% |
| What is the Current interest rate on Post Office Monthly Income Scheme(MIS)? |
| The interest rates offered under the Post Office Monthly Income Scheme(MIS) Scheme is 7.4% |
