The Ministry of Finance has recently announced revisions to the interest rates on various Small Savings Schemes for the fourth quarter of the financial year 2023-24. These changes, set to take effect from January 1, 2024, and extend through March 31, 2024, bear implications for a diverse range of financial instruments that cater to the small investor.
Official copy of the notification has been mentioned below
F.No.1/4/2019-NS
Government of India
Ministry of Finance
Department of Economic Affairs
(Budget Division)
North Block,
New Delhi Dated: 29.12.2023
OFFICE MEMORANDUM
Subject: Revision of Interest Rates for Small Savings Schemes – reg.
The rates of interest on various Small Savings Schemes for the fourth quarter of financial year 2023-24 starting from 1st January, 2024 and ending on 31st March, 2024 have been revised as detailed below:
|
Instrument |
Rates of interest from 01.10.2023 to 31.12.2023 |
Rates of interest from 01.01.2024 to 31.03.2024 |
|
Savings Deposit |
4.0 |
4.0 |
|
1 Year Time Deposit |
6.9 |
6.9 |
|
2 Year Time Deposit |
7.0 |
7.0 |
| 3 Year Time Deposit | 7.0 |
7.1 |
|
5 Year Time Deposit |
7.5 |
7.5 |
|
5 Year Recurring Deposit |
.6.7 |
6.7 |
|
Senior Citizen Savings Scheme |
8.2 |
8.2 |
|
Monthly Income Account Scheme |
7.4 |
7.4 |
|
National Savings Certificate |
7.7 |
7.7 |
|
Public Provident Fund Scheme |
7.1 |
7.1 |
|
Kisan Vikas Patra |
7.5 (will mature in 115 months) | 7.5 (will mature in 115 months) |
| Sukanya Samriddhi Account Scheme | 8.0 |
8.2 |
2. This has the approval of competent authority.
(Kapil Patidar)
Deputy Secretary (Budget)
CAclubindia
