Government retains small savings rates for Q2
The Hindu
For the April-June quarter, the government initially announced rate cuts on small savings instruments, ranging from 0.4% to 1.1%, but reversed it within hours, citing an oversight.
The government has decided to leave the interest rates on small savings instruments for the upcoming July-September quarter unchanged, the Finance Ministry said in a memo. For the April-June quarter, the government initially announced rate cuts on small savings instruments, ranging from 0.4% to 1.1%, but reversed it within hours, . The West Bengal Assembly election campaign had been underway at the time. The government resets the interest rate on small savings instruments every quarter but economists had said it would be difficult to reduce the rates as inflation was running high, hitting 6.3% in May after averaging 6.2% throughout 2020-21. Household savings had also been falling sharply, as per recent RBI data. recent Reserve Bank of India data.More Related News