• No interest cut on small-savings, Government withdraws order

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    New Delhi: The Government of India announced the roll-back of its previous order of steep cuts on interest rates on small schemes, announced last evening sighting “orders issued by oversight”.

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    The cuts in schemes ranging from the National Savings Certificates or NSC and Public Provident Fund or PPF, would have hurt millions of middle class depositors.

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    "Interest rates of small savings schemes of the government of India 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 Orders issued by oversight shall be withdrawn," Finance Minister Nirmala Sitharaman tweeted this morning.

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