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Thursday, April 1, 2021

The government reversed its decision to reduce the savings scheme rates, leaving the old rates unchanged

The government reversed its decision to reduce the savings scheme rates, leaving the old rates unchanged



  • Finance Minister Nirmala Sitharaman informed about this on social media this morning
  • The government has postponed its decision to cut interest rates, leaving interest rates on savings schemes unchanged

The government has decided to withdraw the sharp reduction in interest rates on various small savings schemes announced last night. This means that the reduction in interest rates on various savings schemes from April 1 will not happen now and the previous interest rates will remain the same. Finance Minister Nirmala Sitharaman informed about this on social media. He said interest rates in the first quarter of the new financial year would be the same as in the last quarter of the financial year 2020-21. With this decision of the government, middle class and senior citizens

The finance ministry yesterday cut interest rates

The finance ministry last night announced a reduction in interest rates on various savings deposits. The government has slashed interest rates on savings deposits on an annual basis with effect from April 1. These interest rates were reduced from 4 per cent to 3.5 per cent. It also reduced the annual interest rate on public provident funds (PPFs) from 7.1 per cent to 0.4 basis points to 6.4 per cent. All of these interest rate cuts have been postponed.

 

The government yesterday announced a sharp cut in interest rates

The government reversed its decision to reduce interest rates on savings schemes. The old rate on small savings will remain the same. Announcing the interest rate on small savings schemes on Wednesday, the government said, "We have decided to reduce the annual interest rate on small savings from 4 per cent to 3.5 per cent." The interest rate on Personal Provident Fund (PPF) has also been reduced from 7.1 per cent to 6.4 per cent. The one-year deposit interest rate has been reduced from 5.5% to 4.4%. In the same order, the interest rate of Senior Citizen Savings Scheme has been reduced from 7.4% to 6.5%. However this decision has been withdrawn by the government.

The government has withdrawn its decision to reduce interest rates on small savings schemes. Finance Minister Nirmala Sitharaman tweeted about this. The government has withdrawn the decision to reduce interest rates on small savings schemes. Finance Minister Nirmala Sitharaman tweeted about this. The Finance Minister said, "The Government of India will keep the interest rates on small savings schemes unchanged. That was in the last quarter of 2020-21, so the rates for March 2021 will apply. '

Earlier, the government did not change the interest draw on small savings schemes, including PPF and NSC, for the January-March 2021 quarter. The annual interest rates for Employees Provident Fund (PPF) and National Savings Certificate (NSC) have been fixed at 7.1 and 6.8 per cent, respectively. Interest rates for small savings schemes are notified by the Ministry of Finance on a quarterly basis.

The old interest rates will remain the same

The PPF interest rate was cut by 70 basis points and will now remain unchanged at 7.1 per cent per annum. In this way, the interest rate on a 5-year National Savings Scheme has been reduced by 90 basis points. But it will also remain the same at 6.8.

 

Sukanya Samrudhi Yojana

Apart from PPF, the interest rate of Kisan Vikas Patra and Sukanya Samrudhi Yojana, an important scheme for girl's education and marriage, remains unchanged at 7.6 per cent per annum. Which was now reduced to 6.9 per cent. That means it was reduced by 70 basis points.

 

Interest rate of Senior Citizen Savings Scheme

The interest rate for the Senior Citizen Savings Scheme was also reduced from 7.4 per cent to 6.5 per cent, leaving the old interest rate unchanged. The monthly income account was also reduced to 5.7 per cent from 6.6 per cent. The interest rate on National Savings Certificates was 5.9 per cent instead of 6.8 per cent.

 

1 year time deposit

The 1-year time deposit has so far been reduced from 5.5 per cent to 4.4 per cent. The interest rates on 2-year time deposits are now 5.0 per cent instead of 5.5 per cent, 5.1 per cent instead of 5.5 per cent on 3-year time deposits and 5.8 per cent instead of 6.7 per cent on 5-year time deposits, which will remain the same.

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