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EPFO provided 8.65 per cent interest rate to its subscribers in 2016-17 and 8.55 per cent in 2017-18. The rate of interest was slightly higher at 8.8 per cent in 2015-16. ....
Early morning PMO order behind roll-back of small savings rate cut The timing of the withdrawal of the rate cut was very crucial as it was done moments before the commencement of second phase of voting in ongoing state assembly elections Ashutosh Kumar | April 2, 2021 | Updated 00:04 IST FM Nirmala Sitharaman mentioned that the interest rate cuts were issued by oversight Early morning intervention today by Prime Minister s Office (PMO) led to the immediate reversal of sharp interest rate cuts on small savings schemes approved by Finance Minister Nirmala Sitharaman late Wednesday evening. The decision on interest rate reduction for April-June quarter of FY22 faced massive backlash due to mega pruning of rates in PPF, Sukanya Samriddhi Yojana and senior citizen savings schemes used by the people to park their life s savings. ....