Government withdraws cut in small savings rates :Finance minister Sitharaman

The government on Wednesday had announced a cut in interest rates on small savings schemes, including NSC and PPF, by up to 1. 1 per cent for the first quarter of 2021-22 in line with falling fixed deposit rates of banks .

Finance Minister Nirmala Sitharaman on Thursday morning said that the government is withdrawing the cut in small saving rates. Sitharaman, in a tweet, said that the overnight order was issued by oversight and has been withdrawn, further adding that the interest rates on small savings will be retained at the level of fourth quarter of last financial year.

Leave a Reply

Your email address will not be published. Required fields are marked *