The Modi government has taken the yurt to reduce the interest rate on small savings plans. Finance Minister Nirmala Sitharaman on Thursday said the government would reverse its decision to reduce interest rates on small savings schemes and promised to bring interest rates up to the last quarter of the financial year ending March 31. But even after that Congress has attacked the government and said you are running a government or a circus. Congress general secretary Priyanka Gandhi Vadra and Ranjeep Surjewala were attacked by the tweet shortly after the Finance Minister had informed them about withdrawing the order by tweeting.
Congress leader Ranjeep Surjewala tweeted, Madam Finance Minister, you are running a government or a circus. Given such mandates affecting millions of people, how can the economy function, and to whom is the competent authority given? You have no moral right to hold the post of finance minister.
Madame FM,
Are you running a ‘circus’ or ‘government’?
It is possible to imagine the economic performance of such a sanctioned ordinance that affects billions of people.
Who is the competent authority mentioned in the order?
You have no moral right to continue as an FM. pic.twitter.com/czRv5MY7O8
– Randeep Singh Surjewala (ssrssurjewala) April 1, 2021
Congress general secretary Priyanka Gandhi retweeted a tweet from the finance minister saying, “Did Nirmala Sitharaman check or think about the central government’s decision, or did the government change its decision by this election?”
Digvijay Singh tweeted that Modi-Shah-Nirmala government has shifted the decision of interest rate of small savings of poor and ordinary people due to fear of election. Thank you. But even Nirmala Ji promises that you will not reduce interest rates again even after the election is over. He questioned whether this order was out of anyone’s “oversight” and that Nirmala Ji should also inform us at a time when the BJP is doing everything to attract people.
Nirmala Ji must tell us how the order came out of whose “oversight” and when the BJP was making every effort to attract people.
– Digvijaya Singh (@digvijaya_28) April 1, 2021
In fact, as a setback for those investing in small savings schemes, the government on Wednesday cut interest rates on small savings plans, including the Public Futures Fund (PPF) and the NSC (National Savings Certificate), by 1.1 per cent. These cuts have been made in the first quarter of April 2021-22.
After this, Finance Minister Nirmala Sitharaman tweeted today, ‘The interest rate on small savings plans of the Government of India is the same as in the last quarter of 2020-2021, ie till March 2021. Pre-issued orders are withdrawn. “According to the Ministry of Finance, interest on PPF has been reduced from 0.7 per cent to 6.4 per cent, while on NSC it has been reduced by 0.9 per cent to 5.9 per cent. Interest on small savings plans is addressed on a quarterly basis.
The maximum reduction in interest on deposits over the one year period was 1.1 per cent. It was decided to reduce the interest rate from 5.5 per cent to 4.4 per cent. Interest rates for small savings plans are stated on a quarterly basis. After restoring the old rates, PPF and NSC will receive annual interest rates of 7.1 and 6.8% respectively.
The Sukanya Samurdhi scheme will continue to receive interest rates of 7.6 per cent, but was earlier reduced to 6.9 per cent. The interest rate for a five-year senior citizen savings plan will be maintained at 7.4 per cent. Senior citizens’ project interest is paid on a quarterly basis. If the interest rate on savings deposits was four percent, it was proposed to be reduced to 3.5 percent.
