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08 Mar 2023
Increased Interest Rates on Small Saving Schemes
National Savings Certificate (NSC) Interest Rate
Senior Citizen Savings Scheme (SCSS) Interest Rate
Post Office Time Deposit Schemes (POTD) Interest Rate
Post Office Monthly Income Scheme (POMIS) Interest Rate
Kisan Vikas Patra (KVP) Interest Rate
Conclusion
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.
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.
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.
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.
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) 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.
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.
The contents of this article/infographic/picture/video are meant solely for information purposes and do not necessarily reflect the views of Bank of Baroda. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. Bank of Baroda and/ or its Affiliates and its subsidiaries make no representation as to the accuracy; completeness or reliability of any information contained herein or otherwise provided and hereby disclaim any liability with regard to the same. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject Bank of Baroda or its affiliates to any licensing or registration requirements. Bank of Baroda shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.
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