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No interest cut on PPF, NSC and other small savings scheme as govt withdraws order

The Centre on Thursday withdrew the order decreasing the speed of interest on Small Savings Schemes. The announcement was made by Union Finance Minister Nirmala Sitharaman.

The price of interest on these will now stay unchanged as the final quarter of 2020-2021, Sitharaman tweeted on Thursday.

“Interest rates of small savings 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 Orders issued by oversight shall be withdrawn,” tweeted the Finance Minister.

According to an workplace memorandum of the Ministry of Finance issued on Wednesday, the speed of interest for savings deposits was decreased from 4 per cent to three.5 per cent yearly.

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