Centre withdraws interest rate cut on small savings schemes

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Centre withdraws interest rate cut on small savings schemes

On 1st April 2021, The finance ministry has announced to take its decision back which was about to slash interest rates on small savings schemes such as the Public Provident Fund and the National Savings Certificate (NSC). the ministry called it an oversight.

The rates will remain unchanged for April – June Quarter:

SchemeRate
Sukanya Samriddhi Account scheme7.6%
Public Provident Fund (PPF)7.1%
Senior Citizen Savings Scheme7.4%
Kisan Vikas Patra6.9%
National Savings Certificates (NSC)6.8%
Five-year time deposits6.7%
5-year recurring deposits5.8%
1-year to 3-year time deposits5.5%
Savings deposits4%

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