Small Savings Scheme Interest Rates: 2020–2026 History
Quarter-by-quarter interest rate history for India's small savings schemes — PPF, SSY, SCSS, NSC, KVP, POMIS, and more — from FY2020-21 through Q1 FY2026-27. The complete record in one place.
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Small savings scheme interest rates: the complete 2020–2026 history
This page is a reference, not a guide. If you want to know which scheme suits your situation, the best government savings schemes guide covers that. This page answers a different question: what has the government actually paid on these schemes, quarter by quarter, since April 2020?
The data below comes from Ministry of Finance notifications (via Department of Economic Affairs) and official post office sources. Every number has a source.
Current quarter rates (Q1 FY2026-27: April–June 2026)
The government declared Q1 FY2026-27 rates on 31 March 2026. No change from the previous quarter — the eighth consecutive quarter with no revision.
| Scheme | Rate (% p.a.) | Compounding | Tenure |
|---|---|---|---|
| Senior Citizens Savings Scheme (SCSS) | 8.2 | Quarterly | 5 years |
| Sukanya Samriddhi Yojana (SSY) | 8.2 | Annual | Until girl turns 21 |
| National Savings Certificate (NSC) | 7.7 | Annual | 5 years |
| Kisan Vikas Patra (KVP) | 7.5 | Annual | 115 months (~9.6 yrs) |
| Post Office 5-year Time Deposit | 7.5 | Quarterly | 5 years |
| Public Provident Fund (PPF) | 7.1 | Annual | 15 years |
| Post Office Monthly Income Scheme (POMIS) | 7.4 | Monthly payout | 5 years |
| Post Office 5-year Recurring Deposit (RD) | 6.7 | Quarterly | 5 years |
| Post Office 3-year Time Deposit | 7.1 | Quarterly | 3 years |
| Post Office 2-year Time Deposit | 7.0 | Quarterly | 2 years |
| Post Office 1-year Time Deposit | 6.9 | Quarterly | 1 year |
| Post Office Savings Account | 4.0 | Annual | No tenure |
Rates effective 1 April 2026. Source: Ministry of Finance notification dated 31 March 2026.
How the revision system works
The Ministry of Finance announces rates for the upcoming quarter before the last day of the current quarter — typically on the 31st of March, June, September, and December. The announcement applies to deposits made in the new quarter; existing deposits continue at the rate at which they were opened (for schemes where the rate is locked on opening, like NSC and KVP) or at the revised rate from the next quarter (for PPF, SCSS, POMIS, and RD, where the rate resets for all existing accounts).
Practically, this means:
- A PPF account opened in 2019 at 7.9% now earns 7.1% — the revised rate applies to all existing balances from each new quarter.
- An NSC certificate bought in Q3 FY2022-23 at 6.8% earns 6.8% for its full 5-year tenure regardless of subsequent hikes.
- KVP similarly locks the rate — and the maturity period — at the time of purchase.
The government links these rates loosely to the 10-year government bond yield, with a formula that was recommended by the Shyamala Gopinath Committee in 2011. In practice, the adjustment has been inconsistent — particularly PPF, which has not moved from 7.1% since April 2020 despite bond yields climbing.
Quarter-by-quarter history: FY2020-21 to Q1 FY2026-27
The table covers the eight major schemes. Cells show % p.a. Where rates were unchanged from the previous quarter, the number repeats. A bold entry marks a rate that changed that quarter.
| Quarter | PPF | SSY | SCSS | POMIS | NSC | KVP | 5Y TD | 5Y RD |
|---|---|---|---|---|---|---|---|---|
| FY2020-21 | ||||||||
| Q1 Apr–Jun 2020 | 7.1 | 7.6 | 7.4 | 6.6 | 6.8 | 6.9 | 6.7 | 5.8 |
| Q2 Jul–Sep 2020 | 7.1 | 7.6 | 7.4 | 6.6 | 6.8 | 6.9 | 6.7 | 5.8 |
| Q3 Oct–Dec 2020 | 7.1 | 7.6 | 7.4 | 6.6 | 6.8 | 6.9 | 6.7 | 5.8 |
| Q4 Jan–Mar 2021 | 7.1 | 7.6 | 7.4 | 6.6 | 6.8 | 6.9 | 6.7 | 5.8 |
| FY2021-22 | ||||||||
| Q1 Apr–Jun 2021 | 7.1 | 7.6 | 7.4 | 6.6 | 6.8 | 6.9 | 6.7 | 5.8 |
| Q2 Jul–Sep 2021 | 7.1 | 7.6 | 7.4 | 6.6 | 6.8 | 6.9 | 6.7 | 5.8 |
| Q3 Oct–Dec 2021 | 7.1 | 7.6 | 7.4 | 6.6 | 6.8 | 6.9 | 6.7 | 5.8 |
| Q4 Jan–Mar 2022 | 7.1 | 7.6 | 7.4 | 6.6 | 6.8 | 6.9 | 6.7 | 5.8 |
| FY2022-23 | ||||||||
| Q1 Apr–Jun 2022 | 7.1 | 7.6 | 7.4 | 6.6 | 6.8 | 6.9 | 6.7 | 5.8 |
| Q2 Jul–Sep 2022 | 7.1 | 7.6 | 7.4 | 6.6 | 6.8 | 6.9 | 6.7 | 5.8 |
| Q3 Oct–Dec 2022 | 7.1 | 7.6 | 7.6 | 6.7 | 6.8 | 7.0 | 6.7 | 5.8 |
| Q4 Jan–Mar 2023 | 7.1 | 7.6 | 8.0 | 7.1 | 7.0 | 7.2 | 7.0 | 5.8 |
| FY2023-24 | ||||||||
| Q1 Apr–Jun 2023 | 7.1 | 8.0 | 8.2 | 7.4 | 7.7 | 7.5 | 7.5 | 6.2 |
| Q2 Jul–Sep 2023 | 7.1 | 8.0 | 8.2 | 7.4 | 7.7 | 7.5 | 7.5 | 6.5 |
| Q3 Oct–Dec 2023 | 7.1 | 8.0 | 8.2 | 7.4 | 7.7 | 7.5 | 7.5 | 6.7 |
| Q4 Jan–Mar 2024 | 7.1 | 8.2 | 8.2 | 7.4 | 7.7 | 7.5 | 7.5 | 6.7 |
| FY2024-25 | ||||||||
| Q1 Apr–Jun 2024 | 7.1 | 8.2 | 8.2 | 7.4 | 7.7 | 7.5 | 7.5 | 6.7 |
| Q2 Jul–Sep 2024 | 7.1 | 8.2 | 8.2 | 7.4 | 7.7 | 7.5 | 7.5 | 6.7 |
| Q3 Oct–Dec 2024 | 7.1 | 8.2 | 8.2 | 7.4 | 7.7 | 7.5 | 7.5 | 6.7 |
| Q4 Jan–Mar 2025 | 7.1 | 8.2 | 8.2 | 7.4 | 7.7 | 7.5 | 7.5 | 6.7 |
| FY2025-26 | ||||||||
| Q1 Apr–Jun 2025 | 7.1 | 8.2 | 8.2 | 7.4 | 7.7 | 7.5 | 7.5 | 6.7 |
| Q2 Jul–Sep 2025 | 7.1 | 8.2 | 8.2 | 7.4 | 7.7 | 7.5 | 7.5 | 6.7 |
| Q3 Oct–Dec 2025 | 7.1 | 8.2 | 8.2 | 7.4 | 7.7 | 7.5 | 7.5 | 6.7 |
| Q4 Jan–Mar 2026 | 7.1 | 8.2 | 8.2 | 7.4 | 7.7 | 7.5 | 7.5 | 6.7 |
| FY2026-27 | ||||||||
| Q1 Apr–Jun 2026 | 7.1 | 8.2 | 8.2 | 7.4 | 7.7 | 7.5 | 7.5 | 6.7 |
Bold = rate changed from the previous quarter. PPF has not changed since Q1 FY2020-21. All eight schemes have been frozen at their current rates since Q4 FY2023-24 — eight consecutive quarters without any revision as of June 2026.
What the history actually shows
The COVID cut was permanent — for PPF. In April 2020, the government slashed rates across all schemes when it reset for the new financial year. PPF dropped from 7.9% to 7.1% in one move. Six years later, PPF has not recovered. Every other scheme has been hiked at least once since then; PPF has not moved.
The 2022-23 hike cycle began with SCSS. After eight quarters of no change, the government started revising in Q3 FY2022-23. SCSS went first (7.4% → 7.6%), then jumped again to 8.0% in Q4. By Q1 FY2023-24, SCSS was at 8.2% — a 240-basis-point increase from its April 2020 level.
NSC got the biggest single-quarter hike. NSC went from 7.0% to 7.7% in Q1 FY2023-24 — a 70-basis-point jump in one notification. No other major scheme moved as much in a single quarter during this period.
The RD rate changed three times in FY2023-24. Starting at 5.8% (unchanged since April 2020), the RD rate went to 6.2% in Q1, then 6.5% in Q2, then 6.7% in Q3 — three straight quarters of increases, then nothing.
SSY moved last. The Sukanya Samriddhi rate held at 7.6% for three full years (FY2020-21 through FY2022-23), then jumped to 8.0% in Q1 FY2023-24, and to 8.2% in Q4 FY2023-24. SSY and SCSS are now level at 8.2% — the highest rate across all small savings schemes.
Eight quarters of no change. Since Q4 FY2023-24 (January 2024), the government has not revised a single rate. The current rate table has been in force for over two years.
PPF rate: a separate look
PPF's rate is prescribed by the government and is meant to track the 10-year government security yield plus a 25-basis-point spread. In practice, this link has not been honoured consistently.
| Financial year | PPF rate |
|---|---|
| FY2019-20 (full year) | 7.9% |
| FY2020-21 (full year) | 7.1% |
| FY2021-22 (full year) | 7.1% |
| FY2022-23 (full year) | 7.1% |
| FY2023-24 (full year) | 7.1% |
| FY2024-25 (full year) | 7.1% |
| FY2025-26 (full year) | 7.1% |
| FY2026-27 Q1 | 7.1% |
That is six consecutive financial years at 7.1%. For context, the 10-year G-Sec yield has traded between 6.8% and 7.5% for much of this period — at times that spread dropped to near zero, and briefly inverted. The government chose to keep PPF frozen rather than adjust it with the market.
If you opened a PPF account in 2019 expecting 7.9%, you have been earning 7.1% since April 2020. No revision has been announced. The SCSS calculator and SSY calculator are useful for modelling alternative long-horizon instruments at current rates.
Using the NSC and SCSS calculators
The rate at which you buy NSC locks in for five years. Someone who bought NSC in Q4 FY2022-23 (January–March 2023) locked in 7.0%. Someone who bought in Q1 FY2023-24 (April–June 2023) locked in 7.7% — a 70-basis-point difference for the same five-year instrument, simply because they invested one quarter later.
The NSC calculator lets you model the exact maturity value at any rate — helpful when comparing NSC against bank FDs at the time of purchase.
For SCSS, the rate has been 8.2% since April 2023. Because SCSS pays interest quarterly (not at maturity), existing account holders benefit from current-rate revisions — unlike NSC where the rate is locked. The SCSS calculator can model quarterly income projections for different deposit amounts.
Frequently asked questions
When does the government revise small savings scheme rates?
Rates are notified quarterly: before 31 March (for April–June), before 30 June (for July–September), before 30 September (for October–December), and before 31 December (for January–March). There is no obligation to change rates each quarter — the government can and does announce "no change," as it has every quarter since January 2024.
Has the PPF rate ever gone below 7.1%?
Not in recent history. The lowest PPF rate on record was 7.1%, which it has been since April 2020. Before that, it was 7.9% from April 2019. For historical context: PPF was at 12% in the early 1990s, moved down gradually, hit 8.7% in 2012–13, and kept falling through the decade. The April 2020 cut was the most recent and the one that has stuck longest.
Does a PPF interest rate change affect my existing account?
Yes. PPF is a "floating rate" scheme in the sense that the government can reset the rate each quarter, and the new rate applies to all existing PPF balances from the start of that quarter. This is different from NSC or KVP, where the rate at time of purchase is fixed for the tenure. If you opened a PPF account when the rate was 7.9%, you are now earning 7.1% — the rate change applied to your existing balance in April 2020.
Which scheme had the largest rate increase since April 2020?
NSC, by absolute basis points. It went from 6.8% in April 2020 to 7.7% in April 2023 — a 90-basis-point total increase. SCSS had the largest absolute jump: from 7.4% in April 2020 to 8.2% by April 2023, a total increase of 80 basis points, but NSC's 70-bps single-quarter move in Q1 FY2023-24 was the largest one-quarter change for any major scheme in this period.
Why does the government freeze rates for long periods?
The Finance Ministry has not publicly explained its decision to hold rates since January 2024. The likely factors: inflation has been trending down from its 2022–23 highs, RBI has kept policy rates steady, and fiscal pressure on the government (small savings collections fund government borrowing) makes hikes costly. When bond yields fall, keeping small savings rates high becomes a budget line item rather than a market outcome.
Are small savings rates guaranteed and backed by the government?
Yes. Small savings schemes are sovereign instruments — they are backed by the Government of India and carry no default risk. The principal and interest are guaranteed regardless of economic conditions. This is distinct from bank FDs, which are covered by DICGC insurance only up to ₹5 lakh per depositor per bank. For amounts above that threshold, government small savings schemes carry meaningfully lower counterparty risk than bank deposits.
Rates sourced from Ministry of Finance quarterly notifications (via Department of Economic Affairs), StaffNews.in official notification archives, TaxGuru.in, FinTaxBlog.com, and BusinessToday rate announcements. For personalised investment advice, consult a SEBI-registered financial advisor.
Last updated: 10 June 2026. Current rates valid for Q1 FY2026-27 (1 April 2026 – 30 June 2026).
For a guide on choosing between these schemes, see best government savings schemes in India. For Sukanya Samriddhi projections, use the SSY calculator. For senior citizens modelling SCSS income, see the SCSS calculator. For NSC maturity calculations, use the NSC calculator.