New Delhi: In a jolt to savers, the Finance Ministry on Wednesday had reduced interest rate by up to 1.1 per cent across various small savings schemes, The Finance Ministry on Wednesday had reduced interest rate by up to 1.1 per cent across various small savings schemes
The government has rolled back cuts on interest rates on small savings schemes, including National Savings Certificates or NSC and Public Provident Fund or PPF, announced last evening.
The Congress on Thursday launched a direct attack on the ruling BJP-led Central government hours after Union Finance Minister Nirmala Sitharaman announced that the new interest rates on small savings were being withdrawn.Slamming the .
Is U-turn on interest rate order an oversight or election-driven hindsight : Cong asks FM
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Is U-turn on interest rate order an oversight or election-driven hindsight : Cong asks FM
PTI / Updated: Apr 1, 2021, 12:07 IST
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Congress leader Rahul Gandhi alleged that the small saving rates would be reduced soon after elections. There was already a loot on petrol and diesel and soon after the elections end, the small saving rates will be reduced and there will be a loot on the savings of the middle-class. This government is of jumlas (rhetoric) and the loot of common people, Gandhi said in a tweet in Hindi using the hashtag oversight .
Govt cuts interest rates on small savings schemes effective from April 1 The government has announced a cut in small savings rates by 50-100 basis points for the first quarter of the new financial year. This is the second time that interest rates on small savings schemes have been cut in the past one year. In the April-June quarter of 2020-21, the government had slashed rates of small savings schemes by 70-140 bps. With the latest cut, interest rates on these schemes have been reduced by a total of 120-240 bps in one year. The rate of interest on Public Provident Fund (PPF) has declined from 7.1 per cent earlier to 6.4 per cent now. The return on Senior Citizens Savings Schemes has come down from 7.4 per cent to 6.5 per cent and that on National Savings Certificates has been reduced from 6.8 per cent to 5.9 per cent.