Increase in interest on small savings schemes up to 1.30 per cent

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- New interest rates will come into effect from January 1: Government's gift to the people for 2023

- Kisan Vikas Patra interest rate increased from 7 to 7.20 percent: Senior Citizen Saving Scheme interest rate increased from 7.6 percent to 8 percent

- Interest rates had to be increased under a fixed formula due to increase in income on investment of government bonds

- Reserve Bank increased the interest rate by 2.25 percent in six months and post office interest rates increased

- Interest payable on National Savings Certificate increased from 6.80 percent to 7 percent

Ahmedabad: The Government of India has increased the interest rate for post office term deposits by 1.1 percent (110 paise) and the interest rate of monthly income scheme-monthly income scheme by 40 paise and the interest rate of Kisan Vikas Patra by 20 paise for the period of three months from January to March 2023. Thus, it has been announced today to increase from one point four percent to one point one percent. However, the interest rates of Public Provident Fund have been maintained at the previous level of 7.1 percent. Similarly, the rate of interest given under Sukanya Samriddhi Yojana has been maintained at 7.6 percent as before. The Kisan Vikas Patra for ten and a half years i.e. 123 months has been increased from 7 percent to 7.20 percent. The government has decided to improve the interest rate of the Senior Citizen Saving Scheme from 7.6 percent to 8 percent, showering grace on the senior citizens of the country. Earlier, the interest rate was revised from 10 paisa to 30 paisa in the quarter of October-December 2022.

These interest rates have been announced for the three month period of January-March 2023. Post Office Savings Account has continued to pay four per cent interest as in October-December 2022. Similarly, Post Office Recurring Deposit interest rate has been maintained at 5.8 per cent.

As per the announcement made by the government today, the interest rate of one year term deposit has been increased from 5.5 percent to 6.6 percent by 1.1 percent. Similarly, interest rates for two-year term deposits have been increased from 5.70 percent to 6.80 percent. It has been announced that the interest rate of three-year term deposits will also be increased from 5.80 percent to 6.90 percent. The interest rate on five-year term deposits has been increased by the highest rate of 1.30 percent. Interest rates on five-year term deposits have been increased from 5.7 percent to 7 percent. At the end of September 2022, the Government of India increased the interest rate of two-year term deposits and three-year term deposits from 10 paisa to 30 paisa.

Till now 6.80 percent interest was paid on National Savings Certificates. It has been increased by 20 paise to 7 percent. On the other hand, the interest rate of Senior Citizen Saving Scheme has been increased by 40 paise. The interest rate of 7.6 percent on Senior Citizen Saving Scheme has been revised to 8 percent.

The interest rate of the small savings scheme is changed according to the formula determined based on the increase in investment in government securities. The report released by the Reserve Bank in the month of September has shown that the return in government securities has improved. Based on that, according to the formula created to determine the interest rate of the small savings plan, the savers are getting interest as low as 44 paisa to 77 paisa. In the quarters of September, October and November 2022, the yield on 5-year government bonds has increased by 15 paisa and the yield on 10-year bonds has increased by 10 paise.

The Reserve Bank has increased the rate four times since May. This increase has been a total of 2.25 percent. It has been increased from 4.40 percent to 6.25 percent. So most of the nationalized and private banks in the country have increased their interest rates. Some small finance banks are offering attractive interest rates of 8.25 to 8.50. Private and public sector banks pay interest rates ranging from 3 percent to 7.5 percent on savings for 10 days to 10 years. Banks pay interest rates ranging from 3.5 percent to 8 percent to senior citizens.

No increase in interest rate of PPF-Sukanya Samriddhi Yojana

Interest rates paid on deposits in Public Provident Funds have been maintained at 7.1 percent as on October-December 2022 quarter. Similarly, the interest rate paid on investments made in Sukanya Samriddhi Yojana has also been maintained at 7.6 percent. Thus the interest rate of PPF and Sukanya Samriddhi Yojana has not been increased at all.

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