Check interest rates on PPF, Post Office FD and RD

Interest Rate of Small Savings Scheme: Small savings schemes are the best option for those looking for fixed income investment options. These schemes include Public Provident Fund (PPF), National Savings Certificate and Post Office Savings Scheme. All these savings schemes are being run by the government. Returns on this are guaranteed. This is the interest rate of small savings scheme.

What is Small Savings Scheme?

Micro savings scheme encourages citizens to save regularly. There are three types of this scheme. Saving Scheme, Social Security Scheme and Monthly Income Scheme. Saving schemes include 1 to 3 year deposit scheme, 5 year RD. Savings certificates like National Savings Certificate (NSC) and Kisan Vikas Patra (KVP) are also included. Social security schemes include Public Provident Fund (PPF), Sukanya Samriddhi Yojana and Senior Citizen Savings Scheme.

Interest on Small Savings Scheme

Savings Account – 4 percent

1 Year Post Office FD – 6.9 percent

2 Year Post Office FD – 7.0 percent

3 Year Post Office FD – 7 percent

5-year Post Office FD: 7.5 percent

5 years RD: 6.70 percent

National Savings Certificate (NSC): 7.7 percent

Kisan Bikash Patra: 7.5 percent (maturity in 115 months)

Public Provident Fund: 7.1 percent

Sukanya Samriddhi Account (Sukanya Samriddhi Yojana): 8.0 percent

Senior Citizen Savings Scheme: 8.2 percent

Monthly Income Scheme: 7.4 percent

Among the major banks, HDFC Bank offers the highest interest rate of up to 7.75 percent on FDs. SBI offers up to 7.50 percent interest per annum on FDs. The government offers interest rates ranging from 4 percent to 8.2 percent on small savings schemes. The government will revise the interest rates of such schemes for October-December 2023 later this month. These are considered to be less likely to change.

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