The interest rate of SSY has increased from 8% to 8.2%, and 3-year post office fixed deposits have increased from 7% to 7.1%.
The Public Provident Fund (PPF) interest rate and other savings schemes like NSC and KVP are unchanged.
What has not Changed?
From When Will the New Rates Be Applicable?
The new interest rates apply for the January to March quarter of financial year 2023-24.
Basis of Decision
The Shyamala Gopinath Committee proposed setting interest rates based on govt. bond yields, suggesting rates 25 to 100 basis points higher for various schemes.
Above image shows the interest rates of various small saving schemes.