Shree1news, 01 APR 2021
Government has withdrawn the rate cut order on the small saving schemes. Finance Minister Nirmala Sitharaman on Thursday mentioned the government has withdrawn Wednesday’s order which announced steep rate of interest cut on small saving schemes such as PPF and NSC – saying it was an oversight.
A tweet from Finance Minister Nirmala Sitharaman.
Once restored, PPF and NSC will carry an annual rate of interest of 7.1 per cent and 6.8 per cent, respectively.
One-year term deposit scheme to earn a higher rate of interest of 5.5 per cent throughout the first quarter of the current fiscal whereas the girl child savings scheme Sukanya Samriddhi Yojana account will earn 7.6 per cent as against reduced rate of 6.9 per cent.
Govt notifies rates of interest for small savings schemes on a quarterly basis.
The rates of interest on numerous small savings schemes for the first quarter of the financial yr 2021-22 ranging from April 1 and ending on June 30, 2021, was revised on Wednesday.
While announcing the quarterly setting of rates of interest in 2016, the finance ministry had mentioned that rates of small savings schemes would be linked to government bond yields.
Source:A-N
Finance
