In less than 24 hours, Centre withdraws order cutting interest rates on small savings schemes

On Wednesday, the Finance Ministry had announced a sharp cut in interest rates for small savings schemes for the first quarter of the financial year 2021-22. This order has now been withdrawn.

The government on Thursday withdrew its order slashing interest rates on small savings schemes, including National Savings Certificates (NSC) and Public Provident Fund (PPF), for the first quarter of 2021-22. 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existed in the last quarter of 2020-2021, ie, rates that prevailed as of March 2021.Orders issued by oversight shall be withdrawn. @FinMinIndia @PIB_India On Wednesday, the Finance Ministry had announced a sharp cut in interest rates for small savings schemes by 50-110 basis points. Interest rates for small savings schemes are notified on a quarterly basis. In a tweet on Thursday, Union Finance Minister Nirmala Sitharaman said that the interest rates of small savings schemes of the Government of India shall continue to be at the rates that existed in the last quarter (January-March) of the financial year 2020-21.