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
- Apr 1, 2021,
- Updated Apr 1, 2021 1:16 PM IST
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.
Finance minister Nirmala Sitharaman said in an early morning tweet: "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 Orders issued by oversight shall be withdrawn."
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.
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.
Finance minister Nirmala Sitharaman said in an early morning tweet: "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 Orders issued by oversight shall be withdrawn."
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.