ppf other small savings schemes interest rate cut withdrawn by government, Finance ministers tweet
New Delhi: The central government has reversed its decision to reduce interest rates on small savings schemes. Finance Minister Nirmala Sitharaman tweeted this information. It was learned late last night that interest rates on small savings schemes have been reduced in the first quarter of the financial year 2020-22. But now the decision has been reversed. Finance Minister Nirmala Sitharaman said that the order was issued by mistake.
Interest rates of small savings schemes of GoI shall continue to be at the rates which existed in the last quarter of 2020-2021, ie, rates that prevailed as of March 2021.
Orders issued by oversight shall be withdrawn. InFinMinIndia IPIB_India
– Nirmala Sitharaman (itnsitharaman) April 1, 2021
Interest rates on savings accounts were cut by 0.5%. So the interest rate was going to come down from 4.0% to 3.5%, but now it will be 4%. The interest rate available under the Sukanya Samridhi Account Scheme will be 7.6%. Similarly, the interest rate on National Savings Certificates will remain at 6.8 per cent.
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The current interest rate on the PPF scheme will be 7.1 per cent. At the same time, the interest rate on senior citizen savings schemes for senior citizens will remain at 7.4 per cent. Also, the interest rate of Kisan Vikas Patra will not be reduced.
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The biggest 1.1 per cent cut in interest was on one-year term deposits. Similarly, interest rates on two-year term deposits were reduced by 0.5 per cent to 5 per cent, three-year term deposits by 0.4 per cent and five-year term deposits by 0.9 per cent to 5.8 per cent.
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