The government sets the interest rates for small savings schemes, including post office savings schemes such as PPF, SSY, and senior citizens savings schemes, at the start of each quarter. At the end of each quarter, the government of India announces new rates for post office savings schemes. The first quarter of FY22-23 ends on June 30.
According to the Ministry of Finance in a circular dated June 30, 2022, the government has maintained the small savings interest rates for the July-September quarter of the fiscal year 2022-23. Schemes like Public Provident Fund (PPF) will continue to earn 7.10%, and Senior Citizen Savings Scheme (SCSS) will continue to get 7.40% interest rate. While the post office time deposits will continue to get 5.5-6.7% interest rate. Interest rates have remained the same for several months thanks to the government.
Investors in small schemes like the Sukanya Samriddhi Yojana (SSY) and Public Provident Fund (PPF) will continue to earn the same interest rate as they have up until the quarter ending September 30, 2022. These schemes will offer the same interest rates on new investments made during the quarter of July to September 2022.
The interest rates for several small savings scheme for the July-September Quarter of FY 2022-23.
National Savings Time Deposit Account
|Period||Interest rate (%)||Compounding frequency|
|1 year Deposit||5.50%||Quarterly|
|2 year Deposit||5.50%||Quarterly|
|3 year Deposit||5.50%||Quarterly|
|5 Year Deposit||6.70%||Quarterly|
Other Post Office Scheme & Deposits
|Scheme||Interest rate (%)||Compounding frequency|
|Senior Citizen Savings Scheme||7.40%||Quarterly and Paid|
|Monthly Income Scheme||6.60%||Monthly & Paid|
|National Savings Certificate||6.80%||Annually|
|Public Provident Fund||7.10%||Annually|
|Sukanya Samridhni Account||7.60%||Annually|
|Kisan Vika Patra||6.90%||124 Months|