At present interest rates on numerous Small Saving Schemes provides Better offers than Banks in 2023. PM Modi Government Schemes such as Public Provident Fund (PPF), Senior Citizen Savings Scheme (SCSS), National Saving Certificate (NSC), Kisan Vikas Patra (KVP), Sukanya Samriddhi Yojana (SSY) and many more Post office deposit schemes.
“Higher Interest rates on small savings schemes are better than those that are being proffered via alike pecuniary and Financial instruments being made available by most significant scheduled Commercial Banks. Rates applicable of these Modi Government Schemes are being systematically revised”.
Union Minister of state for Finance, Pankaj Chaudhary, expressed his view in a written reply to the query in Lok Sabha. He further said that interest rates on Modi Government Schemes were last revised for Q4 FY 2022-23.
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Check How these Schemes Decides Interest Rates
Many factors decide the interest rates that are offered on Small Savings Schemes like, it includes, recommendations of Shyamala Gopinath Committee, existing taxation benefits for Small Savings investors and resultant rates of return, cost and interest.
Present Interest Rates on Small Savings Schemes
- For Five year Time Deposit – 7%
- For three year Time Deposit – 6.9%
- For two year Time Deposit – 6.8%
- For one year Time Deposit – 6.6%
- For Monthly Income – 7.1%
- For Five year Recurring Deposit – 5.8%
PPF, SCSS, NSC, SSY, KVY Interest Rates in 2023
- Public Provident Fund (PPF) – At present this Small Saving Scheme is offering 7.1% Interest rate in 2023 by government.
- Saving Citizen Savings Schemes (SCSS) – At present this small saving scheme provides 8% Interest rate in 2023 by government.
- National Savings Certificate (NSC) – At present this small saving scheme provides 7% Interest rate in 2023 by government.
- Sukanya Samriddhi Yojana (SSY) – At present this small saving scheme provides 7.6% Interest rate in 2023 by government.
- Kisan Vikas Patra (KVP) – At present this small saving scheme is offering 7.2% Interest rate in 2023 by government.
