Vyaj kapno aadesh paacho khenchayo

 The government has decided to withdraw the sharp reduction in interest rates on various small savings schemes announced last night. The decision to reduce interest rates on various savings schemes from April 1 has been withdrawn, meaning the previous interest rates will remain the same. Finance Minister Nirmala Sitharaman informed about this on social media. He said interest rates in the first quarter of the new financial year would be the same as in the last quarter of the financial year 2020-21.

What did the finance minister say?

Finance Minister Sitharaman said the government has kept the rates applicable to small savings schemes at the same level. Which was in the last quarter of the year 2020-21. He further said that the order before the rate cut would be withdrawn expeditiously.

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Orders issued by oversight shall be withdrawn. InFinMinIndia IPIB_India

- Nirmala Sitharaman (@nsitharaman) April 1, 2021

The finance ministry cut interest rates yesterday

The finance ministry last night announced a reduction in interest rates on various savings deposits. The government has slashed interest rates on savings deposits on an annual basis with effect from April 1. These interest rates were reduced from 4 per cent to 3.5 per cent. It also slashed interest rates on public provident funds (PPFs) from 7.1 per cent per annum to 0.4 basis points to 6.4 per cent. All these interest rate cuts have been postponed.

The government yesterday announced a sharp cut in interest rates

Govt cuts interest rates on small savings wef from April 1

Savings deposit revised from 4% to 3.5%, annually.

PPF rate down from 7.1% to 6.4%, annually.

1 yr time deposit revised from 5.5% to 4.4%, quarterly.

Senior citizen savings schemes rate down from 7.4% to 6.5%, quarterly & paid

- ANI (@ANI) March 31, 2021

How much was reduced before

The interest rates of the schemes were made (in%) interest rates (in%)

Senior Citizen Savings Scheme 6.50 7.40

Sukanya Samrudhi Yojana 6.90 7.60

PPF 6.40 7.10

Kisan Vikas Patra 6.20 6.90

NSC 5.90 6.80

Monthly Income Scheme 6.60 6.60

Time Deposit 4.40 to 6.20 5.50 to 6.70

Recurring Deposit 5.30 5.80

Savings Account 3.50 4.00

On April 1, 2020, interest rates were cut

The government had reduced the interest rate on small savings schemes on April 1, 2020. Their interest rates were then cut to 1.40 per cent. It was then decided to reduce the interest rate on March 31, 2021 but it had to be withdrawn.

Such a decision is made by a big process, it is wrong to say wrong

Official sources in the finance ministry say there is no mistake in such an order. The file lasts for several days. The consent of the office bearers from the Director, Joint Secretary to the Additional Secretary and Secretary is sought in such matters. If the matter is sensitive, the approval of the Minister is mandatory. When the notification is issued, all approvals are obtained.

ગુજરાતીમાં વાંચવા માટે અહીં ક્લિક કરો

Three decisions were withdrawn in two days

1. Decided to change the celery structure on Tuesday, withdrew on Wednesday

2. The last date to link Aadhaar with PAN card was March 31, now it is June 30.

3. The decision to cut interest rates on savings on Wednesday was reversed on Thursday morning

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