FPJ Edit: Fears of electoral backlash forced retraction of order issued by oversight
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Government should create two interest rate slabs in small savings schemes
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New Delhi, April 1
Less than 12 hours after slashing interest rates on small savings, Union Finance Minister Nirmala Sitharaman on Thursday withdrew the order claiming that it was an “oversight.’’
“The schemes of 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 Orders issued by oversight shall be withdrawn,” Sitharaman tweeted early in the morning.
“Interest rates on small savings to be retained at level of fourth quarter of last financial year,” she said.
The Minister reversed an order announced at 10 pm on Wednesday in view of the ongoing elections, said sources. This would have been the second blow for a large section of the population, especially the elderly and professionals, who either bank heavily on the interest from fixed small savings or put aside for the future in public provident fund. Interest rates on fixed bank deposits have already been falling in tandem w
Check interest rates on small savings schemes like PPF, NSC
Check interest rates on small savings schemes like PPF, NSC
In a tweet, Finance Minister Nirmala Sitharaman said the interest rates of small savings schemes shall continue to remain unchanged from the last quarter of 2020-21 or the rates that prevailed as of March 2021. Here is a list of interest rates that will continue to apply to various small savings schemes:
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UPDATED: April 1, 2021 14:01 IST
In a major relief to citizens, the government has rolled back sharp interest rate cuts on small savings schemes. (Photo: Reuters/Representational image)
The government on Thursday rolled back sharp interest rate cuts on small savings schemes less than 24 hours after the Ministry of Finance announced new rates for the first quarter of 2021-22.