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Centre rolls back interest rate cut order on PPF, other small savings schemes

Chandigarh: The Government of India withdrew the lowered rate of interest on Small Savings Schemes announced earlier, and now the rate of interest on these remain unchanged as the last quarter of 2020-2021, said Union Finance Minister Nirmala Sitharaman on Thursday.

“Interest rates of small savings schemes of GoI 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 Orders issued by oversight shall be withdrawn, ” tweeted the Finance Minister.

Earlier, the government on Wednesday cut interest rates on small savings schemes, including NSC and PPF, by up to 1.1 per cent for the first quarter of 2021-22 in line with falling fixed deposit rates of banks.

Interest rate on Public Provident Fund (PPF) has been reduced by 0.7 per cent to 6.4 per cent while National Savings Certificate (NSC) will now earn 0.9 per cent less at 5.9 per cent.