In what comes as some good news for investors, the government has hiked the interest rate for several of the small savings schemes for the April to June 2023 quarter.
The interest rate for 5 year time deposits have been hiked from 7% to 7.5%. Interest rate for senior citizens savings scheme has been hiked from 8% to 8.2%.
The highest interest rate hike is for National savings certificate, by 0.7% to 7.7%. Interest rate on Sukanya Samridhhi has been hiked to 8% from 7.6%.
However, interest rates for PPF remains unchanged at 7.1%
Interest rates on small savings schemes are reviewed every quarter.