The government has increased the interest rates for many small scheme savings interest rates for the quarter of April-June 2023.
Here are the changes made –
- PPF interest rates – No Change (remains at 7.1%) – Possible reason – Why PPF rates not increased?
- Sukanya Samriddhi Yojana rates – Increased by 0.4% (now at 8.0%)
- Senior Citizen Savings Scheme or SCSS – Increased by 0.2% (now at 8.2%)
- National Savings Certificate or NSC – Increased by 0.7% (now at 7.70%)
- Monthly Income Scheme or MIS – Increased by 0.3% (not at 7.4%)
Here is the full notification for the changes in interest rates (via this link):
You check the historical interest rates for a few of these using the following links – PPF Interest Rate History and Sukanya Samriddhi Yojana Interest Rate history
Note – Since the interest rates of RBI FLoating Rate Savings Bonds 2020 (Taxable) are pegged to NSC interest rates, the above hike in NSC rates by 0.70% will also lead to an increase in RBI FLoating Rate bonds by a similar amount. The RBI Floating Bond rates are always 0.35% above NSC rates. So with NSC rates now at 7.7%, then assuming they remain at the same level, the RBI Floating Rate bond rates will also increase to 8.05% per annum during the next review in June 2023. Read more about RBI Floating Rate Bonds interest rates 2023.
Sir, the interest on RBI floting rate savings bond are reset every july and jan 1st.
So
It will mot increase from now,but from 1st july
Am I correct ??
By all means welcoming especially considering S.C. hike of interest rate is great positive change subject to our national incrediable growth…..
Since PPF is social security for crores of private sector employees, Its interest rate should be equal to or more than any Government schemes.
Contact u no.
what is the new limit for monthly income scheme of post office for single account for general public ie below 60 years age.
MIS limit is intended from 4.5 lakh to 9 lakh for single
PPF interest 7.1 why reason. Need 8.1
Need at least 8% quarterly compound rate for ppf.
Government wheather concern or not on Social Security Scheme for small saving Invester of the Society which constitute major component of population of this country. Why not PPF interest rate raise since long ?
Mind it PPF SCHEME is major Social security saving scheme for small Investers.