Government hikes interest rates on some small savings schemes for July-September quarter

The central government has made a big announcement for those investing in small savings schemes. For the July to September quarter, interest rates on small savings schemes have been increased by 0.10 per cent to 0.30 per cent. The interest rates of Small Savings Scheme have been increased by 10 to 30 basis points by the government.

Changes made in these plans

This time the Central Government has not made any change in the rates of PPF, NSC, KCC, Senior Citizen Savings Scheme and Sukanya Samriddhi Yojana. According to the notification issued by the government, instead of 6.8% on deposits for a period of one year, now 6.9% interest will be given. At the same time, interest rates on deposits of five years have been increased from 6.2% to 6.5%.

4.3 percent increase in the combined index of eight core industries

Meanwhile, the Ministry of Commerce and Industry has also given good news and said that the combined index of eight core industries (ICI) has increased provisionally by 4.3 percent in June 2023 as compared to May 2023.

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