Notification of Revised Interest Rates on Small Savings Schemes (National Savings Schemes) – SB Order No. 23/2023
This communication, denoted as SB Order No. 23/2023, issued by the Government of India’s Ministry of Communications, Department of Posts, provides a directive to all Head of Circles/Regions. The memorandum, dated 29.12.2023, conveys the revision of interest rates on various Small Savings Schemes (National Savings Schemes) for the fourth quarter of the financial year 2023-24. The document urges circulation among concerned parties and placement on notice boards in Post Offices.
SB Order No. 23 / 2023
F. No 113-03/2017-SB(Pt.1)
Government of India
Ministry of Communications
Department of Posts
(Financial Services Division)
Dak Bhawan, New Delhi — 110001
Dated: 29.12.2023
To
All Head of Circles/Regions
Madam / Sir,
The undersigned is directed to say that, vide memorandum No. 1/4/2019-NS dated 29.12.2023 (copy enclosed), Government of India, Ministry of Finance, Department of Economic Affairs (Budget Division) has informed that the rate of interest on various Small Savings Schemes (National Savings Schemes) for the fourth quarter of financial year 2023-24 (starting from 1st January, 2024 and ending on 31st March, 2024) have been revised as under.
| Sl. No. | Instrument / Scheme | Rate of Interest from 01.10.2023 to 31.12.2023 | Rate of Interest from 01.01.2023 to 31.01.2024 |
|---|---|---|---|
| 1. | Post Office Savings Account | 4.0 | 4.0 |
| 2. | 1 Year Time Deposit | 6.9 | 6.9 |
| 3. | 2 Year Time Deposit | 7.0 | 7.0 |
| 4. | 3 Year Time Deposit | 7.0 | 7.1 |
| 5. | 5 Year Time Deposit | 7.5 | 7.5 |
| 6. | 5 Year Recurring Deposit | 6.7 | 6.7 |
| 7. | Senior Citizen Savings Scheme | 8.2 | 8.2 |
| 8. | Monthly Income Account Scheme | 7.4 | 7.4 |
| 9. | Sukanya Samriddhi Account Scheme | 8.0 | 8.2 |
| 10. | Public Provident Fund Scheme | 7.1 | 7.1 |
| 11. | National Savings Certificate | 7.7 | 7.7 |
| 12. | Kisan Vikas Patra | 7.5 (will mature in 115 months) |
7.5 (will mature in 115 months) |
2. It is requested to circulate it to all concerned for information and necessary guidance. Same may also be placed on the notice board of all Post Offices in public area. The relevant calculation tables, if any, will be supplied in due course on receipt from the DEA/MoF.
3. This is issued with the approval of the Competent Authority.
(T.C.VIJAYAN)
Assistant Director (SB-I)
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