Cut in Interest Rates of Small Saving Schemes is Reversed: Important news for the middle class has come to the fore. The government has withdrawn its decision to reduce interest rates on small savings schemes.
Important news for the middle class has come to the fore. The government has withdrawn its decision to reduce interest rates on small savings schemes. In small savings schemes, the previous interest rate will remain the same. The government had reduced interest rates on schemes including PF, Sukanya Samrudhi Yojana.
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Orders issued by oversight shall be withdrawn. @FinMinIndia @PIB_India
— Nirmala Sitharaman (@nsitharaman) April 1, 2021
The government had decided to reduce the interest rate on small savings schemes. From today, i.e. from April 1, interest rates on government savings schemes have come down. The interest rate on PF was also to be reduced but has been postponed.
The interest rate on small savings scheme was to be reduced from 4% to 3.5% while the interest rate on PF scheme was to be drastically reduced. For the first time since 1974, PPF has the lowest interest rate. The interest rate on PPF scheme was to be reduced from 7% to 6.4%.