The year 2023 is about to begin. On the occasion of New Year, the government is going to give new gifts to the people. This gift is believed to have a very positive impact on people’s savings. On the other hand, those who deposit money in the post office have been given a New Year gift by the government.
The government has increased the interest rate on small savings deposit schemes including Post Office FD, NSC and Senior Citizen Savings Scheme by 1.1 per cent. The government has announced that these rates will be applicable from January 1, 2023. The government has hiked interest rates mainly on post office schemes.
A 1.1 per cent increase has been made on the interest rates offered on NAC, Senior Citizen Savings Scheme and Kisan Bikash Patra, according to information from the Finance Ministry. After the interest rate hike, the interest rates of all schemes will also change from the first day of January. Now the interest rate on monthly income scheme has changed to 7.1 percent.
Citizen Savings Scheme will pay 8 percent interest. Interest rate on post office FDs of one to five years is set to increase by 1.1 per cent. Also, the monthly income scheme will now offer 7.1 percent interest. At the same time, some of these schemes also have interest rate hikes for the second quarter in a row.
As per the new interest rates, Post Office is offering 6.6% interest on one-year FD, 6.8% on two-year FD, 6.9% on three-year FD and 7% on five-year FD. On the other hand, 0.4 percent higher interest will be paid on Senior Citizen Savings Scheme between January-March. Eight percent interest will be paid in this scheme. Simultaneously, interest rate on KVP has increased to 7.2 percent.