Government raises interest rates on select small saving schemes for July-September quarter

The government has hiked the interest rates of small savings schemes by up to 30 bps for the July-September 2023 quarter. The finance ministry made this announcement via a circular issued on June 30, 2023. (One percentage point is equivalent to 100 basis points.) The interest rates of schemes like the 1-and 2-year post office time deposit, 5-year recurring deposits have been hiked.