This new financial year brings a change in the interest rate which affects investment plans. The circular was issued on 31st March 2023 by Finance Minister. The central government of India upraise the interest rate covering all small saving schemes. which excluding PPF (Public Provident Fund) and Post office saving deposit for the quarter of April to June 2023.
The interest rate for NSC (National Saving Certificate) is hiked from 7% (January -March) to 7.7% (April-June) 2023. For the 5 year post office term deposit limit increase by 50 basic points as a result new interest rate is 7 percent (Jan-Mar) to 7.5 percent (Apr-Jun) 23 quarter.
Scheme and There Interest Rate
- Sukanya Samriddhi Scheme
The latest interest rate for this scheme girl child saving scheme is increased by 8 percent to 7.6%.While the interest rate on Kisan Vikas Patra is 7.5 percent for June 2023 with maturity of 115 months. Previously it was 7.2 percent for March 2023 with maturity of 120 months.
- Senior Citizen Scheme
The interest rate for the senior citizen scheme increases from 8% (Jan-March) to 8.2 % (Apr-June) 2023. Senior Citizen Scheme was established in 2004 for the people above 60 years, with the motive of providing good amount and secure income source for the period of post-retirement. whereas in January to march the interest rate was 8 percent.
The Finance Minister of India (Nirmala Sitharaman) increases the limit for maximum deposit from Rs15 lakhs to 30 lakhs introduce in the budget 2023 for the benefit of senior citizens.
- Post Office Monthly Income Scheme
As per the statement declared in the union budget 2023 for PMIOS (post office monthly income saving), the interest rate raises from 7.1% to 7.4%. As per this scheme the limit of maximum deposit raised from Rs 9 lakhs to Rs 15 lakhs for joint accounts and Rs 4.5 lakh to Rs 9 lakhs for single accounts.
Although the interest rate on PPF remained same at 7.1 percent and same on the post office saving deposits at 4 percent.
Also Read: PM- Kisan Samman Nidhi Yojana 2023 Update: Know Eligibility Criteria, How to Register
- Mahila Samman Saving Scheme
A new small saving scheme program was revealed in 2023 budget for female investors. It is basically a small term saving plan with tenor of two years. Women are able to deposit maximum up to 2 lakhs with 7.5 % interest rate.
