Government withdraws orders for changing interest rates of small savings schemes: Current Affairs Special Series

Team Adda247 and BankersAadda are here with a Current Affairs Special Series for SBI and IBPS interview 2021.  In this series, candidates will be introduced to current affairs topics daily, which will not only improve their general awareness but also will ensure that the candidates do not lack if any current affairs topic is asked in the interview. Today’s Current Affairs topic is Government withdraws orders for changing interest rates of small savings schemes.

Government withdraws orders for changing interest rates of small savings schemes

The government of India withdraws orders concerning changes in interest rates of small savings schemes; Nirmala Sitharaman, Finance Minister said the interest rates on small savings schemes will continue to be at the pre-determined levels as in March 2021.

Earlier, Govt. released notification regarding reducing the interest rates on various small savings schemes for the 1st quarter of 2021-2022 financial year starting from today i.e.1st April 2021. Govt. reduced the Savings deposit rate from 4 percent to 3.5 percent, Public Provident Fund (PPF) rate to cut down to 6.4 percent from earlier 7.1 percent, the interest rate on National Savings Certificates has been cut down to 5.9 percent, and Kisan Vikas Patra (KVP) interest rate reduced to 6.2 percent.  The interest rate on the girl child saving scheme Sukanya Samriddhi Yojana has reduced to 6.9 percent which was earlier 7.6 percent and the Senior citizen savings scheme rate has reduced to 6.5 percent from 7.4 percent.

Now final interest rates on small savings schemes are as follows: 

Scheme The interest rate on the scheme
Savings Deposit 4%
Public Provident Fund (PPF) 7.1%
National Savings Certificate (NSC) 6.8%
Kisan Vikas Patra (KVP) 6.9%
Sukanya Samriddhi Yojana 7.6%
Senior Citizen Savings Scheme 7.4%

But the Finance Minister Nirmala Sitharaman has withdrawn the above orders which are pertaining to reduce or changes in the interest rates of small savings schemes. She tweeted that, Government of India shall continue pre-existing interest rates which in the last quarter of 2020-2021 and it implies on the interest rates on small savings schemes will continue to be at the earlier decided levels that induced as in March 2021. 

 

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