New Delhi [India], April 1 (ANI): The Government of India withdrew the lowered rate of interest on Small Savings Schemes announced earlier, and now the rate of interest on these will remain unchanged as the last quarter of 2020-2021, said Union Finance Minister Nirmala Sitharaman on Thursday.
After issuing an order to reduce interest rates on small savings schemes that would have delivered a blow to savers who depend on these schemes for income and social security,
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Is U-turn on interest rate order an oversight or election-driven hindsight : Cong asks FM
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Is U-turn on interest rate order an oversight or election-driven hindsight : Cong asks FM
PTI / Updated: Apr 1, 2021, 12:07 IST
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Congress leader Rahul Gandhi alleged that the small saving rates would be reduced soon after elections. There was already a loot on petrol and diesel and soon after the elections end, the small saving rates will be reduced and there will be a loot on the savings of the middle-class. This government is of jumlas (rhetoric) and the loot of common people, Gandhi said in a tweet in Hindi using the hashtag oversight .
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West Bengal is the highest contributor to small savings schemes – with elections underway, it could have been a trigger for the government to roll back interest rate cuts
West Bengal is the highest contributor to small savings schemes – with elections underway, it could have been a trigger for the government to roll back interest rate cuts
Rounak JainApr 1, 2021, 13:16 IST
West Bengal residents contributed nearly ₹90,000 crore to savings schemes in 2017-18Unsplash
According to data released by the Ministry of Finance, West Bengal is the top contributor to the various National Savings Schemes offered by the government.
The state, which is currently seeing a fierce battle between the Bharatiya Janata Party and the Trinamool Congress in assembly elections, contributed nearly ₹90,000 crore in these savings schemes in 2017-18.