“Government Increases Interest Rate on Five-Year Recurring Deposit for Q4 2023”
The central government has raised the interest rate on the five-year recurring deposit by 20 basis points for the upcoming quarter, marking the fifth consecutive quarterly increase in small savings scheme rates.
In a move aimed at boosting returns for savers, the central government has announced an increase in the interest rate for one of its small savings schemes for the upcoming October-December quarter. This marks the fifth consecutive quarter in which rates on these financial instruments have been raised. The decision comes following a recent notification by the finance ministry.
Effective for the October-December period, the interest rate on the five-year recurring deposit has been elevated to 6.7 percent from its previous 6.5 percent. However, it’s important to note that all other small savings schemes will maintain the same interest rates that were applicable in the July-September quarter.
Small savings interest rates, although determined by the government, are closely tied to market yields on government securities, with a spread of 0-100 basis points over the yields of comparable maturity securities. This linkage ensures that small savings scheme rates align with the movement in government securities’ yields during the reference period.
Notably, one basis point represents one-hundredth of a percentage point.
During the reference period for October-December rates, which covers June-August, government bond yields experienced an increase, with five-year bond yields rising by approximately 24 basis points. Consequently, the decision to raise the interest rate on the five-year recurring deposit is consistent with the movement observed in the government securities market.
However, what may be considered puzzling is the absence of changes in interest rates for other small savings schemes, despite the across-the-board increase in government securities yields. Even as the 10-year bond yield recorded an uptick of around 18 basis points in June-August, the yield on the government’s 364-day Treasury bill increased by 14 basis points during the same period.
This move to raise small savings interest rates began in October-December 2022, ending a trend of keeping them unchanged for nine consecutive quarters. It reflects the government’s commitment to ensuring competitive returns for savers, particularly in the context of evolving market dynamics.
As the October-December quarter approaches, savers and investors can take note of this adjustment in the interest rate on the five-year recurring deposit, while continuing to monitor market conditions for potential future changes in other small savings schemes.
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