Post office and small savings schemes Interest rates from 1st April 2023

The interest rates for the period from 1st April 2023 to 30th June 2023 of ‘Post office and small savings schemes’ like PPF, KVP, SSY, SCSS, NSC, MIS, post office savings deposit, Time deposit, Recurring deposits has been declared on 31st March 2023 (Friday) by the Finance Ministry.

Govt. order of ‘Post office fixed deposits and small savings schemes Interest rates’ from 1st April 2023 to 30th June 2023:

For Post office fixed deposit and small savings schemes Interest rates from 1st April 2023, there is increment in the interest rate for the period of 01.04.2023 to 30.06.2023. This rates are declared for PPF, KVP, SSY, SCSS, NSC, MIS, post office savings deposit, Time deposit, Recurring deposits. The order is below:

Post office and small savings Interest rates from 1st April 2023 has been declared on 31.03.2023 by Govt. of India. The finance ministry declares the revised interest rates for these small savings schemes quarterly, means every 3 months.

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Summary of Interest rates of Post office and Small savings schemes for period 1st April 2023 to 30th June 2023:

1. Rate of interest of ‘Post office Savings account’ for period 1st April 2023 to 30th June 2023 is 4 %, unchanged from the last quarter.
2. Rate of interest of ‘Post office 1-year Time Deposits (TD)’ for period 1st April 2023 to 30th June 2023 is increased to 6.7%, from 5.5% in the last quarter.
3. Rate of interest of ‘Post office 2-year Time Deposits (TD)’ for period 1st April 2023 to 30th June 2023 is increased to 6.9%, from 5.7% in the last quarter.
4. Rate of interest of ‘Post office 3-year Time Deposits (TD)’ for period 1st April 2023 to 30th June 2023 is increased to 7.0%, from 5.8% in the last quarter.
5. Rate of interest of ‘Post office 5-year Time Deposits (TD)’ for period 1st April 2023 to 30th June 2023 is increased to 7.5%, from 6.7% in the last quarter.
6. Rate of interest of ‘Post office 5-year Recurring Deposits Scheme (RD)’ for period 1st April 2023 to 30th June 2023 is 6.2%, unchanged from the last quarter.
7. Rate of interest of ‘Senior citizen Savings scheme (SCSS)’ for period 1st April 2023 to 30th June 2023 is increased to 8.2%, from 7.6% in the last quarter.
8. Rate of interest of ‘Monthly Income Scheme (MIS)’ for period 1st April 2023 to 30th June 2023 is increased to 7.4%, from 6.7% in the last quarter.
9. Rate of interest of ‘National Savings Certificate (NSC)’ for period 1st April 2023 to 30th June 2023 is increased to 7.7%, from 6.8% in the last quarter.
10. Rate of interest of ‘Public provident fund (PPF) scheme’ for period 1st April 2023 to 30th June 2023 is 7.1%, unchanged from the last quarter.
11. Rate of interest of ‘Kisan Vikas Patra (KVP)’ for period 1st April 2023 to 30th June 2023 is increased to 7.5% (will mature in 120 months), from 7.0% (will mature in 123 months) in the last quarter.
12. Rate of interest of ‘Sukanya Samriddhi Yojana (SSY) Account’ for period 1st April 2023 to 30th June 2023 is 7.8%, unchanged from the last quarter.

The Government of India offers many small savings schemes through post offices and banks. These schemes are :

• Savings Deposit (Post Office)
• 1-year, 2-year, 3-year, 5-year Time deposits (TD)
• Recurring deposits (RD)
• Senior citizen Savings scheme (SCSS)
• Monthly Income Scheme (MIS)
• National Savings Certificate (NSC)
• Public provident fund (PPF) scheme
• Kisan Vikas Patra (KVP)
• Sukanya Samriddhi Yojana (SSY) Account

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These small savings schemes are usually the main savings for lower and middle class people. Also, investing in these small savings schemes helps in saving income tax. So, these small savings schemes are actually very much popular among us.

Instruments of small savings schemes in post office and bank are:

The post office Savings Deposit interest rates, post office 1-year interest rates, post office 2-year interest rates, post office 3-year interest rates, post office 5-year time deposits interest rates, post office 5-year Recurring deposits interest rates, Senior citizen Savings scheme interest rates, post office Monthly Income Account interest rates, National Savings Certificate interest rates, Public provident fund scheme interest rates, Kisan Vikas Patra interest rates, Sukanya Samriddhi Yojana scheme interest rates are mentioned below:

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Post office and small savings schemes Interest rates from 1st January 2023:

The Post office and small savings schemes Interest rates from 1st January 2023 to 31st March 2023 and other details like Minimum amount to deposit annually in the schemes, Maximum amount to deposit annually in the schemes, Maturity period, Entry age of schemes and scheme’s compounding frequency rates like quarterly, half-yearly or annually. (Source: https://dea.gov.in/budgetdivision/interest-rates)

small savings schemes	Interest Rates (01.01.23 to 31.03.23) (%)	Interest Rates (01.04.23 to 30.06.23) (%)	Interest Rates change(%)	Minimum Amount (Yearly)	Maximum Amount (Yearly)	Maturity Period	Entry Age (Yr)	Compounding frequency
Savings Deposit (P.O.)	4	4	same	500	No Limit	NA	10	Annually
1 Year Time Deposit (P.O.)	6.6	6.8	+ 1.1%	1000	No Limit	1 Yr	10	Quarterly
2 Year Time Deposit (P.O.)	6.8	6.9	+ 1.1%	1000	No Limit	2 Yr	10	Quarterly
3 Year Time Deposit (P.O.)	6.9	7.0	+ 1.1%	1000	No Limit	3 Yr	10	Quarterly
5 Year Time Deposit (P.O.)	7.0	7.5	+ 0.3%	1000	No Limit	5 Yr	10	Quarterly
5 Year Recurring Deposit (P.O.)	5.8	6.2	same	100	No Limit	5 Yr	10	Quarterly
Senior citizen Savings scheme	8.0	8.2	+ 0.4%	1000	15 Lakh	5 Yr	60	Quarterly and paid
Monthly Income Account (P.O.)	7.1	7.4	+ 0.4%	1000	4.5 / 9 Lakh for Single / joint	5 Yr	10	Monthly and paid
National Savings Certificate	7.0	7.7	+ 0.2%	1000	No Limit	5 Yr	10	Annually
Public provident fund scheme	7.1	7.1	same	500	1.5 Lakh / year	15 Yr	18	Annually
Kisan Vikas Patra	7.2 (will mature in 120 months)	7.5 (will mature in 115 months)	+ 0.2%	1000	No Limit	2 X	10	Annually
Sukanya Samriddhi Account scheme	7.6	8.0	same	250	1.5 Lakh / year	21 Yr	0-10	Annually

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Summary of Minimum amount to deposit in the Post office and Small savings schemes :

1. Minimum amount to deposit in ‘Post office Savings account’  is ₹500 annually.
2. Minimum amount to deposit in ‘Post office 1-year Time Deposits (TD)’  is ₹1000 annually.
3. Minimum amount to deposit in ‘Post office 2-year Time Deposits (TD)’  is ₹1000 annually.
4. Minimum amount to deposit in ‘Post office 3-year Time Deposits (TD)’  is ₹1000 annually.
5. Minimum amount to deposit in ‘Post office 5-year Time Deposits (TD)’  is ₹1000 annually.
6. Minimum amount to deposit in ‘Post office 5-year Recurring Deposits Scheme (RD)’  is ₹100 annually.
7. Minimum amount to deposit in ‘Senior citizen Savings scheme (SCSS)’  is ₹1000 annually.
8. Minimum amount to deposit in ‘Monthly Income Scheme (MIS)’  is ₹1000 annually.
9. Minimum amount to deposit in ‘National Savings Certificate (NSC)’  is ₹1000 annually.
10. Minimum amount to deposit in ‘Public provident fund (PPF) scheme’  is ₹500 annually.
11. Minimum amount to deposit in ‘Kisan Vikas Patra (KVP)’  is ₹1000 annually.
12. Minimum amount to deposit in ‘Sukanya Samriddhi Yojana (SSY) Account’  is ₹250 annually.

Summary of Maximum amount to deposit in the Post office and Small savings schemes :

1. Maximum amount to deposit in ‘Post office Savings account’  is Unlimited annually.
2. Maximum amount to deposit in ‘Post office 1-year Time Deposits (TD)’  is Unlimited annually.
3. Maximum amount to deposit in ‘Post office 2-year Time Deposits (TD)’  is Unlimited annually.
4. Maximum amount to deposit in ‘Post office 3-year Time Deposits (TD)’  is Unlimited annually.
5. Maximum amount to deposit in ‘Post office 5-year Time Deposits (TD)’  is Unlimited annually.
6. Maximum amount to deposit in ‘Post office 5-year Recurring Deposits (RD)’  is Unlimited annually.
7. Maximum amount to deposit in ‘Senior citizen Savings scheme (SCSS)’  is 15 Lakh annually.
8. Maximum amount to deposit in ‘Monthly Income Scheme (MIS)’  is 4.5 for Single account and 9 Lakh for joint account annually.
9. Maximum amount to deposit in ‘National Savings Certificate (NSC)’  is Unlimited annually.
10. Maximum amount to deposit in ‘Public provident fund (PPF) scheme’  is 1.5 Lakh per year annually.
11. Maximum amount to deposit in ‘Kisan Vikas Patra (KVP)’  is Unlimited annually.
12. Maximum amount to deposit in ‘Sukanya Samriddhi Yojana (SSY) Account’  is 1.5 Lakh per year annually.

Summary of Maturity period of the Post office and Small savings schemes :

1. There is no Maturity period of ‘Post office Savings account’.
2. Maturity period of ‘Post office 1-year Time Deposits (TD)’  is 1 year.
3. Maturity period of ‘Post office 2-year Time Deposits (TD)’  is 2 years.
4. Maturity period of ‘Post office 3-year Time Deposits (TD)’  is 3 years.
5. Maturity period of ‘Post office 5-year Time Deposits (TD)’  is 5 years.
6. Maturity period of ‘Post office 5-year Recurring Deposits Scheme (RD)’  is 5 years.
7. Maturity period of ‘Senior citizen Savings scheme (SCSS)’  is 5 years.
8. Maturity period of ‘Monthly Income Scheme (MIS)’  is 5 years.
9. Maturity period of ‘National Savings Certificate (NSC)’  is 5 years.
10. Maturity period of ‘Public provident fund (PPF) scheme’  is 15 years.
11. Maturity period of ‘Kisan Vikas Patra (KVP)’  is till the amount doubles.
12. Maturity period of ‘Sukanya Samriddhi Yojana (SSY) Account’  is 21 years.

Summary of Entry age to open account in the Post office and Small savings schemes :

1. Entry age to open account in ‘Post office Savings account’ is 10 years.
2. Entry age to open account in ‘Post office 1-year Time Deposits (TD)’  is 10 year.
3. Entry age to open account in ‘Post office 2-year Time Deposits (TD)’  is 10 years.
4. Entry age to open account in ‘Post office 3-year Time Deposits (TD)’  is 10 years.
5. Entry age to open account in ‘Post office 5-year Time Deposits (TD)’  is 10 years.
6. Entry age to open account in ‘Post office 5-year Recurring Deposits Scheme (RD)’  is 10 years.
7. Entry age to open account in ‘Senior citizen Savings scheme (SCSS)’  is 60 years.
8. Entry age to open account in ‘Monthly Income Scheme (MIS)’  is 10 years.
9. Entry age to open account in ‘National Savings Certificate (NSC)’  is 10 years.
10. Entry age to open account in ‘Public provident fund (PPF) scheme’  is 18 years.
11. Entry age to open account in ‘Kisan Vikas Patra (KVP)’  is 10 years.
12. Entry age to open account in ‘Sukanya Samriddhi Yojana (SSY) Account’  is 0 to 10 years.

Disclaimer: For any clarification, contact post office or concerned bank. Consult financial advisors before investing.

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