Modi government increased the interest rates of small savings schemes from January 1

The Modi government at the center has given a wonderful gift of New Year 2023 to the common people. The central government has increased the interest rates of major savings schemes linked to the post office from January 1. The interest rates of these schemes have been increased, they include National Savings Certificate, Post Office Fixed Deposits and Senior Citizen Savings Scheme but there is no change in the rate of PPF.

The government on Friday hiked interest rates on small savings deposit schemes including Post Office Fixed Deposit, NSC and Senior Citizen Savings Scheme by up to 1.1 per cent. This increase will be applicable from January 1. This increase by the government is in line with the recent hike in interest rates. However, interest rates on Public Provident Fund (PPF) and girl child savings scheme 'Sukanya Samriddhi' have not been changed. National Savings Certificate (NSC) will get interest at the rate of seven percent from January 1. Now it is 6.8 percent. Similarly, the Senior Citizen Savings Scheme will get eight per cent interest as against the existing 7.6 per cent. The interest rates on post office fixed deposit scheme of one to five years duration will go up by 1.1 per cent. In the monthly income scheme, instead of 6.7 percent, now 7.1 percent interest will be given.