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Amid Outrage, Govt Rolls Back Decision of Interest Rate Cuts


Amid the outrage on social media and other platforms after the government notification issued yesterday, stating reduction in interest rates on small savings yesterday, the government has rolled back its decision today. Now the rates of old ie 2020-21 will be applicable on all small savings. Yesterday, the government gave a big blow to the common people by cutting interest rates on small savings.

The government had cut interest rates on savings accounts, PPF, term deposits, RD to savings schemes for the elderly. It was said that the new rates will come into effect from 1 April and will remain in effect till 30 June 2021. However, today the government has changed this decision.

In this regard, Finance Minister Nirmala Sitharaman tweeted that the rates which were in the last quarter of 2020-21, the rates will now be applicable. The orders which were passed yesterday have been changed.

The annual interest on deposits in savings accounts was reduced from 4 per cent to 3.5 per cent. So far, the annual interest on Public Provident Fund (PPF) was reduced by 7.1 per cent to 6.4 per cent. The quarterly interest rate on deposits for one year was reduced from 5.5 per cent to 4.4 per cent. It was now announced to give only 6.5 per cent quarterly interest on savings schemes to the elderly, instead of 7.4 per cent.

Interest for one year at 4.4% instead of 5.5% on term deposits, 5% now on 5.5% on deposits for 2 years, 5.1% in place of 5.5% on deposits for 3 years, 5 years deposit But the interest tax was changed to 5.8 per cent instead of 6.7 per cent. Instead of 6.8 per cent on National Savings Certificate, only 5.9 per cent interest, 6.4 per cent interest instead of 6.9 per cent on Kisan Vikas Patra and the interest rate on Sukanya Samriddhi Yojana were also reduced from 7.6 per cent to 6.9 per cent.

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