The people who have invested in small savings schemes, have given a blow to the shock given by the Modi government a day ago, and have now accepted it as their fault. Now PPF, NSC, Savings Deposits, Sukanya Samriddhi Yojana, one year term deposits have been withdrawn. Let us tell you that the government had cut the interest rates on small savings schemes including Public Provident Fund (PPF) and NSC (National Savings Certificate) by up to 1.1 percent on Wednesday.
| Saving scheme | Latest interest rate in percent |
| Sukanya Samriddhi Yojana | 7.6 |
| NSC | 6.8 |
| PPF | 7.1 |
| Sukanya Samriddhi Yojana | 7.6 |
| Five Year Senior Citizen Savings Scheme | 7.4 |
| Savings deposit | 4 |
| One year term deposit | 5.5 |
Sitharaman tweeted on Thursday morning, “The interest rate on the small savings schemes of the Government of India will remain the same as it was in the last quarter of 2020-2021, which was the rate till March 2021. Previously placed orders will be withdrawn.
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Orders issued by oversight shall be withdrawn. @FinMinIndia @PIB_India— Nirmala Sitharaman (@nsitharaman) April 1, 2021
According to the Finance Ministry notification, interest on PPF was reduced by 0.7 per cent to 6.4 per cent, while that on NSC was reduced by 0.9 per cent to 5.9 per cent. Interest on small savings schemes is notified on a quarterly basis. It is believed that the decision to cut interest rates was withdrawn in the ongoing assembly elections in West Bengal, Assam and three other states to save the BJP from any loss.
