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Post Office Saving Schemes Interest Rates Rise, Check Interest Rates Here

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On September 29, 2020, the Indian government increased interest rates on a few small savings plans by up to 30 basis points. The hiked interest rate on small savings schemes will be applicable for the 3rd quarter, from October to December. However, not all small savings Schemes have seen a hike in interest rates from the government. For two and three years, the government has raised the interest rate on schemes including the Post Office Monthly Income Account, Kisan Vikas Patra, Senior Citizen Savings Scheme, and Time Deposit Account.

 

Since May, the Reserve Bank of India (RBI) has increased the benchmark lending rate 4 times by 140 basis points, causing banks and NBFCs also increase interest rates on deposits.

Interest Rate on SCSS, MIS, & KVP

Interest Rate on SCSS, MIS, & KVP

The Senior Citizen Savings Plan (SCSS) will now earn an additional 20 basis points. For the 3rd Quarter, October to December, the SCSS interest rate has been raised to 7.6%. The previous interest rate on the scheme was 7.4%.

While the interest rate on the Post Office Monthly Income Scheme Account (MIS) has increased from 6.6% to 6.7%. The Kisan Vikas Patra (KVP) will now offer 7%, the previous rate was 6.9%.

Sl.No.InstrumentsRate of interest w.e.f 01.07.2022 to 30.09.2022Rate of interest w.e.f 01.10.2022 to 31.12.2022Compounding Frequency*
1Senior Citizen Savings Scheme​​7.4%7.6%Quarterly and Paid
2Monthly Income Account​​6.6%6.7%Monthly and paid
3Kisan Vikas Patra​​6.9%7%Annually
Interest Rate for Post Office Time Deposit Account
 

Interest Rate for Post Office Time Deposit Account

The interest rate on the Post Office 2-year Time Deposit (TD) has increased from 5.5% to 5.7%. While, a three-year TD would now earn 5.8% instead of the previous 5.5%, an increase of 30 basis points for the third quarter of the current fiscal year.

InstrumentsRate of interest w.e.f 01.07.2022 to 30.09.2022Rate of interest w.e.f 01.10.2022 to 31.12.2022Compounding Frequency*
1 Year Time Deposit5.5%5.5%Quarterly
2 Year Time Deposit​​5.5%5.7%Quarterly
3 Year Time Deposit​​5.5%5.8%Quarterly
5 Year Time Deposit6.76.7Quarterly
Interest Rate for Other Small Savings Schemes (Not Changed)

Interest Rate for Other Small Savings Schemes (Not Changed)

The interest rates for the Public Provident Fund (PPF), Sukanya Samriddhi Yojana (SSY), and National Savings Certificate have not changed in the meantime (NSC). Also, there has been no change to the interest rates for Post Office Savings Deposits, Post Office Recurring Deposits, and One Year TD & Five Year TD, The interest rates offered on these saving schemes are as follows:

Sl.No.InstrumentsRate of interest w.e.f 01.10.2022 to 31.12.2022Compounding Frequency*
1Post Office Savings Account​​4%Annually
25 Year Recurring Deposit Scheme​​5.8%Quarterly
3National Savings Certificate (VIII Issue)6.8%Annually
4Public Provident Fund Scheme​​7.1%Annually
5Sukanya Samriddhi Account Scheme​​7.6%Annually

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