New Delhi [India], April 1 (ANI): The Government of India withdrew the lowered rate of interest on Small Savings Schemes announced earlier, and now the rate of interest on these will remain unchanged as the last quarter of 2020-2021, said Union Finance Minister Nirmala Sitharaman on Thursday.
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Folks investing in PPF or Sukanya Samriddhi scheme need not worry the rate cuts have been rolled back
Folks investing in PPF or Sukanya Samriddhi scheme need not worry the rate cuts have been rolled back
Rounak JainApr 1, 2021, 09:51 IST
Finance Minister Nirmala Sitharaman has announced a roll-back of interest rate cutsBCCL
The government has withdrawn its interest rate cut order, bringing relief to Indians who invest in small savings schemes.
The initial order announced cuts as sharp as 1.1% points, with some of the schemes barely beating the prevailing inflation rate.
Finance Minister Nirmala Sitharaman said that the initial order was ‘issued by oversight’.The Indian government had declared late evening on March 31 that small savings schemes including savings deposits of up to 5-year duration, Public Provident Fund (PPF), Sukanya Samriddhi scheme, Senior Citizens Savings schemes, and more will yield much lower interest than they do now.
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Updated:
Decision has been put on hold due to Assembly elections, it says
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The CPI(M) said this is an all time low and does not even cover the inflation rate. File Photo.
Decision has been put on hold due to Assembly elections, it says
Finance Minister Nirmala Sitharaman’s retraction of the announcement made by the government on Wednesday drastically reducing interest rates on small saving schemes does not fool anybody, CPI(M) Polit Bureau said in a statement here.
The party said the people should rise in protest because this proposal will be implemented post the ongoing Assembly elections.
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