Valid 1 July to 30 September 2026 · next reset by 30 September 2026
Every interest rate that matters, on one page
PPF, Sukanya, SCSS, post office deposits, the best savings accounts and the RBI repo rate. Checked against the official notifications, updated every reset, no spin.
Last reviewed: 2026-07-16. Sources: Finance Ministry quarterly notification, RBI Monetary Policy Committee statement.
RBI repo rate
5.25%
Stance: Neutral · Last decision: June 2026 (held at 5.25%) · Next meeting: 3 to 5 August 2026
The repo rate moves your home-loan EMI and FD rates. Cuts make loans cheaper and deposits stingier; hikes do the reverse.
Government small savings schemes
Set by the Finance Ministry each quarter. Sovereign-backed.
| Scheme | Rate | Payout | Lock-in | Tax |
|---|---|---|---|---|
| Sukanya Samriddhi Yojana (SSY) → calculator | 8.2% | Compounded yearly | Till daughter turns 21 | Fully tax-free (EEE) |
| Senior Citizen Savings Scheme (SCSS) | 8.2% | Paid quarterly | 5 years | Interest taxable; 80TTB helps seniors |
| National Savings Certificate (NSC) → calculator | 7.7% | Compounded yearly, paid at maturity | 5 years | Interest taxable; counts for 80C |
| Kisan Vikas Patra (KVP) | 7.5% | Money doubles in 115 months | 115 months | Interest taxable |
| Post Office Monthly Income Scheme (MIS) | 7.4% | Paid monthly | 5 years | Interest taxable |
| Public Provident Fund (PPF) → calculator | 7.1% | Compounded yearly | 15 years | Fully tax-free (EEE); counts for 80C |
| 5-year Post Office Recurring Deposit (RD) → calculator | 6.7% | Compounded quarterly | 5 years | Interest taxable |
| Post Office Savings Account | 4% | Paid yearly | None | Interest taxable above 80TTA limit |
Post office time deposits (FD)
The government-backed benchmark your bank FD should beat.
1 year
6.9%
2 years
7%
3 years
7.1%
5 years
7.5%
Counts for 80C
Compare any FD after tax with the FD maturity calculator, headline rates mislead.
Savings account interest rates
Indicative, verify on the bank's site before opening. All DICGC-insured to ₹5 lakh.
| Bank | Rate | Honest note |
|---|---|---|
| Ujjivan Small Finance Bank | up to 7.5% | DICGC-insured to ₹5 lakh, same as any bank |
| AU Small Finance Bank | up to 7.25% | Mature app, the safe SFB pick |
| Equitas Small Finance Bank | up to 7.0% | Excellent sweep-FD feature |
| HDFC / ICICI | 3.0% | Great apps, poor interest |
| SBI | 2.7% | The default for most Indians; should not be |
Where should each layer of your money actually sit? Read the honest savings-parking guide and how much to keep in savings.
Rate questions, answered straight
What is the current PPF interest rate?
The Public Provident Fund pays 7.1 percent per year for the July to September 2026 quarter. The government reviews small savings rates every quarter; the rate has been unchanged for several quarters. PPF interest is fully tax-free.
Which small savings scheme pays the highest interest right now?
The Senior Citizen Savings Scheme and the Sukanya Samriddhi Yojana both pay 8.2 percent per year for the July to September 2026 quarter, the highest among government small savings schemes. SCSS is limited to those aged 60 plus, and Sukanya to accounts for a daughter under 10.
When do these rates change next?
Small savings rates are set by the Finance Ministry every quarter. The current rates apply from 1 July to 30 September 2026, and the next reset is due by 30 September 2026. The RBI repo rate is reviewed at each Monetary Policy Committee meeting; the next one is scheduled for 3 to 5 August 2026.
Are small finance bank savings accounts with 7 percent plus interest safe?
Deposits in small finance banks carry the same DICGC insurance of up to 5 lakh rupees per depositor per bank as deposits in SBI or HDFC Bank, and the banks are licensed and regulated by the RBI. Within the 5 lakh insured limit, the higher rate does not mean higher risk to your deposit.