Centre withdraws cut in interest rates on PPF, savings scheme
The Central government on Thursday withdrew the order slashing rates for small saving schemes including the cut in interest rates on PPF, announced Union finance minister Nirmala Sitharaman on Twitter.
"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 Orders issued by oversight shall be withdrawn," wrote Nirmala Sitharaman on Thursday.
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The government had, on Wednesday, cut interest rates on small savings schemes, including National Savings Certificate and Public Provident Fund, by up to 1.1 percent for the first quarter of 2021-22 in accordance with the falling fixed deposit rates of banks.
The government had reduced the interest rates on PPF by 0.7 percent to 6.4 percent while the rate on NSC was cut from 6.8 percent to 5.9 percent.
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As per the earlier orders, the savings deposit was revised from 4 percent to 3.5 percent, annually.
The PPF rate was down from 7.1 percent to 6.4 percent, annually. One-year time deposit was revised from 5.5 percent to 4.4 percent, quarterly.
Likewise, the senior citizen savings scheme rate was down from 7.4 percent to 6.5 percent, quarterly and paid.
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