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Increased Interest Rates on Small Saving Schemes

Various small savings schemes have had their interest rates increased by the Indian government in an announcement, including the National Savings Certificate (NSC), Senior Citizen Savings Scheme (SCSS), Post Office Time Deposit Schemes (POTD), Post Office Monthly Income Scheme (POMIS), and Kisan Vikas Patra (KVP). This move is aimed at providing better returns to small investors and promoting savings culture in the country. Let's take a closer look at the new interest rates of each of these government schemes , which are applicable from January 1, 2023.

National Savings Certificate (NSC) Interest Rate

NSC is a popular savings scheme that offers tax benefits to investors. The government has increased the interest rate of NSC from 6.8% to 7.0% per annum. The tenure is five years, and the interest is compounded annually, making it an attractive option for long-term savings.

Senior Citizen Savings Scheme (SCSS) Interest Rate

The Senior Citizen Savings Scheme (SCSS) is a popular savings option for senior citizens in India. The government has increased the interest rate on SCSS from 7.4% to 8.0% per annum. The investment tenure for SCSS is five years, and the interest is paid quarterly.

Post Office Time Deposit Schemes (POTD) Interest Rate

The Post Office Time Deposit Schemes (POTD) offer fixed deposit options to investors. Current rate of interest for term deposit from 1 year to 5 year is in the range from 6.6% to 7.0%. The investment tenure for POTD ranges from 1 year to 5 years and the interest is paid at maturity.

Post Office Monthly Income Scheme (POMIS) Interest Rate

The Post Office Monthly Income Scheme (POMIS) is a popular savings option for those looking for regular income. The government has increased the interest rate on POMIS from 6.6% to 7.1% per annum. The investment tenure for POMIS is five years, and the interest is paid monthly.

Kisan Vikas Patra (KVP) Interest Rate

Kisan Vikas Patra (KVP) is a savings scheme that offers returns linked to the tenure of investment. The government has increased the interest rate on KVP from 6.9% to 7.2% per annum. The investment tenure for KVP ranges from 2 years and six months to 120 months.

Conclusion

The recent hike in the interest rates of small savings schemes is a positive step towards promoting a savings culture in India. This move will provide better returns to investors. However, it's important to do your own research and consult a financial advisor before making any investments decisions.