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In less than 24 hours, Centre withdraws order cutting interest rates on small savings schemes 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 This order has now been withdrawn. advertisement UPDATED: April 1, 2021 19:32 IST The Centre on Thursday withdrew its order cutting interest rates for small savings schemes for Q1 of FY2021-22 (Photo Credits: Pixabay) HIGHLIGHTS Interest rates of small savings schemes of GOI shall continue to be at rates that prevailed as of March 2021: FM ....
Centre rolls back interest rate cut order on PPF, other small savings schemes The government on Wednesday reduced the interest on the PPF scheme to 6.4 per cent for the April-June quarter from 7.1 per cent in the January-March period Ashutosh Kumar | April 1, 2021 | Updated 08:30 IST Finance Minister Nirmala Sitharaman on Thursday, March 31, announced that the government has taken back its interest rates cut order on small savings schemes Facing a severe social media backlash over the interest rate cuts in small savings schemes like the Public Provident Fund (PPF), Sukanya Samriddhi Yojana, senior citizen savings scheme, current deposit, and a host of other such schemes on March 31, the finance ministry has rolled back the decision. ....
Once the interest rate for any financial year is notified, and the current year ends, EPFO calculates the month-wise closing balance in the PF account and then the interest for the whole year. ....