PPF interest rate cut, NSC interest rate cut, Sukanya Samridhi Yojana interest cut, Kisan Vikas Patra interest cut
The Central authorities has rolled again cuts on interest charges on small financial savings schemes. According to a tweet shares by Finance Minister Nirmala Sitharaman on Thursday morning, the interest charges on small financial savings like National Savings Certificates (NSC) and Public Provident Fund ( PPF) will to be retained at stage of fourth quarter of final monetary yr.
“Interest rates of small savings schemes of the Government of India shall continue to be at the rates which existed in the last quarter of 2020-2021, ie, rates that prevailed as of March 2021. Orders issued by oversight shall be withdrawn,” the FM tweeted.
Earlier on Wednesday night, the federal government revised the interest charges on small financial savings with impact from April 1 with a large cut. While the interest on financial savings deposit was cut from 4 per cent to three.5 per cent yearly, PPF interest rate was introduced down from 7.1 per cent to six.4 per cent.
Similarly, 1 yr time deposit interest rate was lowered from 5.5% to 4.4% quarterly. The senior citizen financial savings schemes rate was additionally slashed from 7.4% to six.5%. The interest rate on NSC was cut from 6.8 per cent to five.9 per cent, Sukanya Samridhi Yojana from 7.6 per cent to six.9 per cent and Kisan Vikas Patra from 6.9 per cent to six.2 per cent.
Interest charges for small financial savings schemes are notified on a quarterly foundation by the federal government.
READ MORE: Govt raises PF threshold restrict to Rs 5 lakh for incomes tax-free interest
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