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Economy News

News on Indian Economy and Sectors, which have impacts in the market.

 
Government raises interest rates across small savings schemes
31-Mar-23 18:11Hrs IST

The government has raised interest rates across all small savings schemes except the post office savings deposit and the public provident fund for the April-June 2023 quarter. The interest rate on the National Savings Certificate (NSC) has been increased from 7 percent for the January - March 2023 quarter to 7.7 percent for the April - June 2023 quarter. Interest rates on all post office term deposits have also been raised by 10 to 50 basis points. The 5-year post office term deposit has seen the maximum increase from 7 percent to 7.5 percent. The index rate under Sukanya Samriddhi Account Scheme has been hiked from 7.6 percent to 8 percent . The interest rate on the Senior Citizen Savings Scheme has been raised from 8 percent to 8.2 percent for the April-June 2023 quarter.

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