NEW DELHI: The government has increased interest rates on some small savings schemes by 70 bps (basis points). At the same time, there has also been a change in the investment limit of some savings schemes.
As per a notification issued by the Finance Ministry, the interest rates of schemes like Senior Citizen Scheme, Monthly Income Scheme, National Savings Certificate (NSC), Kisan Vikas Patra and Sukanya Samriddhi Yojana have been increased. The new interest rates have come into effect from April 1, 2023.
Interest rate on Senior Citizen Savings Scheme has been increased from 8per cent to 8.2 per cent. The interest rate on NSC has been increased from 7 per cent to 7.7 per cent, and on Sukanya Samriddhi Yojana from 7.6 per cent to 8per cent. The investment time limit of Kisan Vikas Patra has been reduced from 120 months to 115 months. Now you will get up to 7.5 per cent interest on it. The government has increased the investment limit for a single account on the Senior Citizen Savings Scheme from Rs 4.5 lakh to Rs 9 lakh, and on joint account from Rs 7.5 lakh to Rs 15 lakh.
However, the rates of Public Provident Fund (PPF) and Post Office Savings Account have not changed.
