Govt hikes interest on two small savings schemes

New Delhi: The government has increased interest rates on two small savings schemes for January-March 2024 by 10-20 basis points, making it the sixth consecutive quarterly hike since October-December 2022.

The Finance Ministry notified on Friday that the rate of interest on the three-year time deposit has been increased by 10 basis points to 7.1 per cent from 7 per cent while the rate of interest on the Sukanya Samriddhi Account Scheme has been hiked by 20 basis points to 8.2 percent for January-March 2024.

All other small savings schemes will continue to offer the same rate of interest as the previous quarter.