The National Savings Schemes (NSSs) are one of the very popular saving schemes in India. These are regulated by the Ministry of Finance. They offer complete security of investment combined with attractive returns.
These schemes also act as instruments of financial inclusion especially in the geographically inaccessible areas due to their implementation primarily through the Post Offices, which have reach far and wide.
Indian households’ savings in Post office time deposits and PPF (Public Provident Fund) have been increasing steadily since 2011. Below table give us an idea on the total outstanding amounts that are with various small savings schemes.
Related article : Indian Household Savings Pattern 2022-23 | RBI’s latest Statistical data
Some of the very popular schemes which fall under NSS are as below
- PPF (Public Provident Fund)
- Sukanya Samriddhi Scheme
- Monthly Income Scheme (Monthly Income Account)
- Senior Citizen Savings Scheme
- KVP (Kisan Vikas Patra)
- NSC (National Savings Certificate)
- Time Deposits &
- Recurring Deposits
Latest Post Office Small Saving Schemes Interest rates Oct – Dec 2023 | Q3 of FY 2023-24
The government has kept interest rates on all small savings schemes unchanged October to December quarter of FY 2023-24 (except for the interest rate on a 5-year recurring deposit, which will be available at 6.7% w.e.f. 1st Oct 2023.)
The govt raised the interest rate on five-year recurring deposit scheme to 6.7% from 6.5% for the Oct-Dec quarter and retained the rates for all other small savings schemes.
The latest rates of interest applicable on various small savings schemes for the third quarter from Oct to Dec 2023 effective from 1.10.2023 would be as below;
|Saving Scheme||Rates of Interest from |
1st Jul 2023 to 30th Sep 2023
|New Rates of Interest from|
1st Oct 2023 to 31st Dec 2023
|Maximum Deposit |
|Sukanya Samriddhi Account – Girl Child Scheme||8%||8%||Yearly||1.5 Lakh||21|
|5 Year Sr.CSS||8.2%||8.2%||Quarterly & Paid||30 Lakh|
(w.e.f. FY 2023-24)
|Savings Deposit||4.0%||4.0%||Annually||No Limit||NA|
|1 Year Term Deposit||6.9%||6.9%||Quarterly||No Limit||1|
|2 Year Term Deposit||7%||7%||Quarterly||No Limit||2|
|3 Year Term Deposit||7%||7%||Quarterly||No Limit||3|
|5 Year Term Deposit||7.5%||7.5%||Quarterly||No Limit||5|
|5 Year Recurring Deposit||6.5%||6.7%||Quarterly||No Limit||5|
|5 Year MIS||7.4%||7.4%||Monthly & Paid||9.5 Lakh Single A/c|
15 Lakh Joint A/c
|5 Year NSC||7.7%||7.7%||Yearly||No Limit||5|
|Kisan Vikas Patra (KVP)||7.5%||7.5%||Yearly||No Limit||115 months|
- With effective from FY 2023-24, the maximum deposit limit for the monthly savings scheme is enhanced from Rs.4.5 lakh to Rs.9 lakh for a single account and from Rs.9 lakh to Rs.15 lakh for a joint account.
- The maximum deposit for senior citizen saving scheme has been enhanced from Rs 15 lakhs to Rs 30 lakhs.
Kindly note that interest rates of Small Savings Schemes are now reviewed and reset (if any) on a quarterly basis.
The revised rates (if any) are applicable for all the new investments MADE during the respective period.
For the existing investments under all the schemes (EXCEPT PPF & SUKANYA SAMRIDDHI SCHEME), the contracted interest rate remains unchanged until maturity.
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(Post first published on : 29-Sep–2023)