People who have invested in small savings schemes have been hit by the Modi government a day ago and have now accepted it as their fault. Now the PPF, NSC, Savings Deposit, Sukanya Prosperity Scheme and Interest Rate have been reduced to one year term deposits. Let us tell you that on Wednesday, the government slashed interest rates on small savings plans, including the Public Futures Fund (PPF) and NSC (National Savings Certificate), by 1.1%.
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| Savings Plan | The latest interest rate percentage |
| Sukanya Prosperity Project | 7.6 |
| NSC | 6.8 |
| PPF | 7.1 |
| Sukanya Prosperity Project | 7.6 |
| Five-year senior citizen savings plan | 7.4 |
| Savings Deposit | 4 |
| One year term deposit | 5.5 |
Sitharaman tweeted on Thursday morning, “The interest rate on small savings plans of the Government of India is the same as in the last quarter of 2020-2021.
Interest rates on GoI’s small savings plans will continue to exist at rates prevailing in the last quarter of 2020-2021, such as March 2021.
Orders issued by supervision are withdrawn. In FinMinIndia @ PIB_India– Nirmala Sitharaman (it Sitaraman) April 1, 2021
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 The decision to cut interest rates is believed to have been withdrawn in the ongoing assembly elections in West Bengal, Assam and three other states to protect the BJP from any loss.
Input: Agency
