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 7.7%)
- 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):
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.