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Govt cuts interest rates on small savings schemes, to be effective from April 1. Details

Savings schemes
Image Source : FILE PHOTO

Government cuts interest rates on small savings schemes. (Representational image)

The government on Wednesday reduced interest rates on small savings including PPF, one-year time deposit, senior citizen savings schemes. The changes will be effective from April 1, 2021. 

Reduced interest rates on various savings scheme 

  • Savings deposit revised from 4% to 3.5%, annually.
  • PPF rate down from 7.1% to 6.4%, annually
  • One year time deposit revised from 5.5% to 4.4%, quarterly.
  • Senior citizen savings schemes rate down from 7.4% to 6.5%, quarterly and paid.

More to follow…

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