Government hikes interest rates on Kisan Vikas Patra scheme by 0.20% for January-March 2023
Tags: Economy/Finance
The Union Ministry of Finance in an order released on 30 December 2022 has increased the interest rates on the Kisan Vikas Patra by 0.2% for the January -March 2023 quarter. It has also increased the interest rates of some small saving schemes 20 to 110 basis points for the January-March quarter. 100 basis points is equal to 1%.
The interest rates on the small savings scheme are revised after every quarter by the government.
Small Saving Schemes are deposit schemes of the government of India where the people are assured of safety and return and the government uses the money for development purposes. These schemes are operated through Post offices in India.
Unlike Banks where interest rates are decided by the banks, the interest rates in the small saving scheme are decided by the government of India.
New Interest rates on Small Saving Schemes
Name of the Scheme | Interest Rates (from 1 January 2023) |
Senior Citizens Savings Scheme | 8 % (earlier 7.6%) |
Kisan Vikas Patra | 7.2 % (earlier 7%). The amount will double in 120 months. |
Monthly Income Schemes | 7.1 % (earlier 6.7%) |
One year Term deposit (fixed deposit) with Post Office | 6.6 % (earlier 5.5 %) |
Two year Term deposit (fixed deposit) with Post Office | 6.8 %( earlier 5.7%) |
Three year Term deposit (fixed deposit) with Post Office | 6.9 %( earlier 5.8%) |
National Savings Certificate (NSC) | 7.0% (earlier 6.8 %) |
No Change in Interest rates of the following Small Saving Scheme
Scheme | Interest rates |
Public Provident Fund (PPF) | 7.1% |
Sukanya Samridhdhi Yojana | 7.6% |
Post Office Saving Account | 4% |
Please Rate this article, so that we can improve the quality for you -
