Interest rates on small savings schemes unchanged, says govt

The government kept interest rates unchanged on small savings schemes, including NSC and PPF, for the second quarter of 2022-23 amid high inflation and rising interest rate.

The interest rate on small savings schemes has not been revised since the first quarter of 2020-21.

Public Provident Fund (PPF) and National Savings Certificate (NSC) will continue to have an annual interest rate of 7.1 per cent and 6.8 per cent, respectively, in the second quarter of this fiscal.

“The rates of interest on various small savings schemes for the second quarter of the financial year 2022-23, starting from July 1, 2022, and ending on September 30, 2022, shall remain unchanged from those notified for the first quarter (April 1, 2022, to June 30, 2022) for FY 2022-23,” the finance ministry said in a notification.

Interest rates for small savings schemes are notified on a quarterly basis.

The one-year term deposit scheme will continue to earn an interest rate of 5.5 per cent in the second quarter.