: Interest rates on PPF cut from 7.1% to 6.4%, on savings deposits by 0.5% from April 1 #IndiaNEWS The Centre on Wednesday announced significant cuts in interest rates of small saving schemes for the

Interest rates on PPF cut from 7.1% to 6.4%, on savings deposits by 0.5% from April 1 #IndiaNEWS
The Centre on Wednesday announced significant cuts in interest rates of small saving schemes for the first quarter (April-June) of the financial year 2021-’22, which begins from Thursday, BloombergQuint reported, citing a finance ministry circular.According to the circular, interest rates on savings deposits have been cut from 4% to 3.5%. Meanwhile, interest rates on fixed deposits have been slashed in the range of 0.4% to 1.1%, across various tenors.The rate of interest in the popular saving scheme Public Provident Fund, or PPF, has been reduced from 7.1% to 6.4%. Similarly, the interest rate for the five-year Senior Citizens Savings Scheme has been lowered to 6.5%, and that on Kisan Vikas Patra has been cut to 6.2%.Government cuts interest rates on small savings schemes for April-June 2021. pic.twitter.com/Lf04wlfTj3— BloombergQuint (@BloombergQuint) March 31, 2021 For the April-June quarter of this financial year too, the government had cut interest rates on small savings schemes by up to 1.4%. The interest rate on PPF was then reduced by 0.8%. As a result, rates on PPF have now been reduced by 1.5% since first quarter of the financial year 2020-’21. The interest rates for small savings schemes are reviewed and notified by the finance ministry on a quarterly basis.In another important decision on Wednesday, the...Read more

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