PPF interest rates for July-Sep Quarter 2023: For the July-September quarter, PPF investors were expecting an increase in the interest rate, but now it has not been fulfilled. The last time the interest rate on the PPF scheme was increased in April 2020.
On the instructions of the Central Government, the Finance Ministry has revised the interest rates on small savings schemes for the July-September 2023 quarter. In this quarter, PPF investors were expecting an increase in interest rates, but they have got a shock again. This is the 13th consecutive quarter when the government has not increased the interest rates on the PPF scheme. The last time the interest rate on the PPF scheme was increased in April 2020.
The Finance Ministry has announced an increase in interest rates of small savings schemes by up to 30 bps for the July-September 2023 quarter after a review meeting on 30 June. In the July-September quarter, out of 12 types of savings schemes, interest rates have been increased on only 3 savings schemes, while there has been no change in the interest rate on 9 savings schemes including Sukanya, PPF.
PPF interest rate not increased for the 13th consecutive quarter
PPF investors were expecting a hike in the interest rate for the July-September quarter, but now it has not materialised. After there was no change in the interest rates of Public Provident Fund for July-September, now the interest rate of PPF has remained only 7.1 percent. The last time the interest rate of PPF was increased in April 2020. Since then, about 13 quarters have passed, but the government has not been able to gift the increased interest rates to the PPF investors.
Interest rates hiked on 3 savings schemes for July-September quarter
- For 1 year, the interest rate on Post Office Time Deposit Scheme has been increased from 6.8 percent to 6.9 percent.
- Interest rate on 2-year post office time deposit has been increased from 6.9 per cent to 7 per cent.
- The interest rate on the 5-year Recurring Deposit Scheme has been increased from 6.2 per cent to 6.5 per cent.
