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Government Hikes Interest Rates of Small Savings Schemes

Published on April 02, 2023
Current Context: The government has raised interest rates on most post office saving schemes by up to 0.7 percent for the April-June 2023 quarter.
Government Hikes Interest Rates of Small Savings Schemes
  • The interest rates for popular PPF and savings deposits have been retained at 7.1 percent and 4 percent, respectively, there has been an increase between 0.1 percent and 0.7 percent in other saving schemes.
  • The highest increase was in the interest rate of the National Savings Certificate (NSC), which will now attract 7.5 percent, up from 7 percent, for the April 1 to June 30, 2023 period.
  • The new rate for the girl child savings scheme Sukanya Samriddhi has been increased to 8 percent from 7.6 percent.
  • The interest rate on the senior citizen savings scheme and Kisan Vikas Patra (KVP) is 8.2 percent (up from 8 percent) and 7.5 percent (up from 7.2 percent),
  • KVP will now mature in 115 months as against 120 months earlier.

Questions:

Q.1 What is the rate of interest offered for National Savings Certificate for the period April 1 to June 30th, 2023?
a. 7.4%
b. 7.3%
c. 7.2%
d. 7.5%
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