Small savings schemes interest rate news: Govt withdraws cut in interest rates of small savings schemes

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The cut in interest rates on small savings schemes of the federal government has been been rolled again.

“Interest rates of small savings schemes of GoI shall continue to be at the rates which existed in the last quarter of 2020-2021, ie, rates that prevailed as of March 2021,” the Finance ministry tweeted in the present day morning.

Orders issued by oversight shall be withdrawn, it added.

A day earlier, in a blow to savers, the federal government had cut interest rates on small savings schemes, similar to put up workplace deposits and public provident fund, by as much as 110 foundation factors.

The new rates had been to be efficient in the present day.

Coming after the transfer to tax interest on worker provident fund contributions of over Rs 2.5 lakh each year, yesterday’s rate cut choice had left India’s small savers deeply distressed.

If the cut had been imposed, the interest on public provident fund would have gone down to six.4%, its lowest since 1974.

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