Govt. increases interest rates for a few small saving schemes for 3rd quarter of FY 2022-23

Office Memorandum F.no. 1/4/2019-NS, dated 29-09-22

The Govt. has notified rates of interest on various Small Saving Schemes for the third quarter of the Financial Year 2022-23, i.e., 01-10-2022 to 31-12-2022. The Govt. has increased interest rates for a few schemes. The revised office memorandum issued by the Govt. provides as follows:

a) The interest rate of ‘2 Year Time Deposit’ & ‘3 Year Time Deposit’ increased from the existing 5.5% to 5.7% & 5.8% respectively.

b) The interest rate of deposits made in the ‘Senior Citizen Saving Scheme’ increased from the existing 7.4% to 7.6%.

c) The interest rate of the ‘Monthly Income Account Scheme’ increased from the existing 6.6% to 6.7%.

d) The interest rate on ‘Kisan Vikas Patra’ is increased from the existing 6.9% to 7.0% which has resulted in a reduction in tenure from the existing 124 months to 123 months.

e) The interest rate of all other saving schemes shall remain unchanged from the current rate applicable.

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