The government has hiked the interest rates of small savings schemes by up to 70 bps for the April-June 2023 quarter. The finance ministry made this announcement via a circular issued on March 31, 2023. The interest rates of schemes like the Senior Citizen Savings Scheme, Monthly Income Savings Scheme, National Savings Certificate, Kisan Vikas Patra, all post office time deposits and Sukanya Samriddhi Account Scheme have been hiked. The interest rate on the Public Provident Fund (PPF) has yet again been kept unchanged at 7.1%.