Latest Post Office Interest Rates – Apr-2023 to Jun-2023

Ministry of Finance has announced latest post office interest rates applicable for Apr-2023 to Jun-2023 period. We could see a significant increase in interest rates for small saving schemes schemes. However, to the disappointment, PPF rate is unchanged. In this article, we would provide revised and latest post office interest rates on Small Saving Scheme  applicable for April to June, 2023 period.

Also Read: Best Government Saving Schemes in India

Key Changes in Post Office Interest Rates – Apr-2023 to Jun-2023

As per the Ministry of Finance Notification issued yesterday, post office interest rates for Apr-23 to Jun-23 indicate a significant increase in interest rates compared to the previous quarter.

These new post office interest rates are increased for all schemes except for PPF interest rate. PPF current rate is 7.1% and continue to be same for Apr-23 to Jun-23 period too.

Post office FD schemes now offer up to 7.5% interest rate. Currently some of the large banks are still offering lower interest rates, hence post office FD looks attractive now.

Sr. Citizen saving scheme interest rate is increased to 8.2%, which is really a good news.

NSC now offers 7.7%. Currently ELSS mutual funds are volatile, and markets have not moved in the last 1.5 years. If you are looking for safe investments with tax savings u/s 80c, one can go for NSC.

Investors looking to double their money by investing in safe investment options can look for KVP – revised interest rate is 7.5% and money gets doubled in 115 months.

Latest and Revised Post Office Interest Rates for Apr-23 to Jun-2023

Post Office Interest Rate Table – Apr-2023 to Jun-2023

Here are the existing interest rates vs. revised rates (applicable for Apr-2023 to Jun-2023).

Scheme Old Rate (Jan to Mar-23) Revised Rate (Apr to Jun-23) Frequency of Compounding Tenure
Savings Account 4.0% 4.0% Yearly NA
Fixed Deposit – 1 year 6.6% 6.8% Quarterly 1 year
Fixed Deposit – 2 years 6.8% 6.9% Quarterly 2 years
Fixed Deposit – 3 years 6.9% 7.0% Quarterly 3 Years
Fixed Deposit – 5 years 7.0% 7.5% Quarterly 5 Years
Recurring Deposit-5 Years 5.8% 6.2% Quarterly 5 years
5 Year Senior Citizen Savings Scheme 8.0% 8.2% Quarterly and paid 5 Years
Monthly Income Account (Earlier MIS) 7.1% 7.4% Monthly and paid 5 Years
NSC – 5 years 7.0% 7.7% Yearly 5 Years
PPF 7.1% 7.1% Yearly 15 Years
KVP 7.2% 7.5% Yearly 115 months
Sukanya Samriddhi Account Scheme 7.6% 8.0% Yearly 21 Years

Features of Post Office Schemes

Here are the key features of post office small saving schemes.

1) Post Office Fixed Deposits

Post office offers term deposits (FDs) for the tenure of 1 year, 2 years, 3 years and 5 year period.

These FD rates are compounded every quarter.

5 year FD is eligible for income tax deduction u/s 80c up to Rs 1.5 Lakhs.

2) Post office Recurring Deposit (PO RD)

Post office RD is offered for 5 years tenure.

This RD interest rate is compounded every quarter.

3) National Savings Certificate (NSC)

NSC is issued for 5 years tenure.

It is compounded annually and paid on maturity.

While there is no maximum limit, investment in NSC up to Rs 1.5 Lakhs in a financial year qualifies for income tax deduction u/s 80c.

4) Kisan Vikas Patra (KVP)

Kisan Vikas Patra (KVP) would double your money in the post office.

The investment is compounded annually and paid on maturity.

KVP has a tenure of 115 months. Means, your money would get doubled in 115 months.

5) Post Office MIS

Post office Monthly Income Scheme (PO MIS) provides monthly income.

POMIS has 5 years tenure.

One can invest a minimum of Rs 1,000 in this scheme

The maximum amount of investment is now increased to Rs 9 lakhs for a single account. In case of joint account, one can invest up to Rs 15 Lakhs. The increased limit is from 1st April, 2023.

6) Sukanya Samriddhi Account (SSA)

SSA can be opened for girl child by a parent or by a guardian.

Interest is compounded annually and paid on maturity.

One can invest a minimum of Rs 250 and maximum of Rs 1.5 Lakhs in a financial year.

Amount invested in SSA is eligible for income tax deduction u/s 80c up to Rs 1.5 Lakhs.

7) Senior Citizens Saving Scheme (SCSS)

Individuals who are above 60 years can open SCSS.

This interest is paid every quarter.

Such interest rate would be reviewed and reset every quarter.

Minimum investment in SCSS is Rs 1,000 and the maximum amount is Rs 30 Lakhs. This is increased from Rs 15 Lakhs to Rs 30 Lakhs from 1st April, 2023 onwards.

SCSS has a tenure 5 years.

SCSS scheme can be extended for a further 3 year period within 1 year of the maturity.

Also Read: How to purchase Government Securities through RBI Retail Direct?

8) Public Provident Fund (PPF)

PPF is one of the best investment to accumulate money in the long term.

PPF has a lock-in period of 15 years.

This interest is compounded annually and paid on maturity.

Minimum investment in PPF is Rs 500 and maximum is Rs 1.5 Lakhs in a financial year.

Investment in PPF would quality for income tax deduction u/s 80c to Rs 1.5 Lakhs.

One can open PPF in Post Office or any large commercial banks.

If you are not happy with the post office or any bank where you have PPF, you can transfer them to another bank too.

Interest received in PPF is tax free.

On maturity of 15 years, PPF can be extended for a block of 5 years for any number of times.

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Suresh KP


  1. Seems recently announced Mahila santander will lose its sheen since NSC looks better than this one.

      1. Yes. I think NSC 7.7% better than this one since no max limit. Thanks for your other post on Mahila Sanman in detail

  2. Dear Suresh ji,

    As per my knowledge , from FY-2023-24 , Maximum investment in Senior Citizen Savings Scheme for individual has been increased from 15 lakhs to 30 Lakhs and Maximum investment in postoffice monthly income scheme has been increased from 4.5 lakh to 9.0 lakh. Can you check,is this information is correct or not?

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