The Union government has raised the interest rates on eight of the 12 small savings schemes by 20 to 110 basis points for the January-to-March quarter of 2023, but left the returns on the popular Public Provident Fund (PPF) unchanged at 7.1% for the 11th quarter in a row. (100 basis points (bps) equal one percentage point).



The Sukanya Samriddhi Account scheme’s return was also retained at 7.6%, prevailing since April 2020 when small savings scheme rates were cut across the board. The returns on Kisan Vikas Patra (KVP) and the National Savings Certificate were raised by just 20 bps each, to 7.2% and 7%, respectively.


About ‘Small Savings Scheme’

  • The Central Government operates Small Savings Schemes (SSS) through the nationwide network of about 1.5 lakh post offices, more than 8,000 branches of the Public-Sector Banks and select private sector banks and more than 5 lakh small savings agents.
  • The Small Savings Schemes can be grouped under three –
  1. Post office Deposits: Post Office Savings Account, Post Office Time Deposits (1,2,3 and 5 years), Post Office Recurring Deposits, Post Office Monthly Account,
  2. Savings Certificates: National Savings Certificate (VIII Issue) and Kisan Vikas Patra
  3. Social Security Schemes: Public Provident Fund, Senior Citizens Savings Scheme, and Sukanya Samriddhi Account.