Thursday, April 15, 2021

Nirmala Sitharaman removes ambiguity, clarity that existing interest rates will continue – Interest rates of small savings schemes continue which existed in the last quarter: Nirmala Sitharaman

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Interest rates of small savings schemes: The Center has clarified that interest rates on small savings accounts will remain the same.

Nirmala Sitharaman

Interest rates of small savings schemes: The Center has clarified that interest rates on small savings accounts will remain the same. Union Finance Minister Nirmala Sitharaman has clarified that the current interest rates will continue. Moreover, the Center has withdrawn the directives issued by the Union Finance Ministry in this regard. To this extent, Nirmala Sitharaman said on Twitter.

Meanwhile, the central government on Wednesday slashed interest rates on small savings schemes. It also said the interest rates would apply to the first quarter of the 2021-22 financial year, which starts on April 1. The interest rates will remain in effect until June 30. According to the orders, interest rates have been cut on savings account, PPF, Sukanya Samridhi Yojana and Kisan Vikas Patra.

The Center has not changed interest rates for the last three quarters. The Union Ministry of Finance notifies interest rates on small savings schemes on a quarterly basis. Recently revised these interest rates. However, the Center, which is now reconsidering the decision, reversed its decision and the Union Finance Minister released a clear statement this morning stating that interest rates on small savings accounts would remain unchanged.

If so, the annual interest rate on savings‌ deposits will be reduced from 4% to 3.5% for the first time, according to details announced by the Finance Ministry yesterday. The interest rate on one-year deposits ranges from 5.5% to 4.4 per cent, on two-year term deposits from 5.5 to 5.0 per cent, on three-year term deposits from 5.5 to 5.1 per cent, on five-year deposits from 6.7 to 5.8 per cent. The interest rate on savings schemes has been reduced from 7.4% to 6.5%.

The National Savings Certificate has an interest rate of 6.8% to 5.9%, the Public Provident Fund Scheme has an interest rate of 7.1% to 6.4%, the Kisan Vikas Patra has a maturity of 6.9% (maturity at 124 months) and the maturity is 7.9%. Reduced. However, savings should note that all of these are now in effect at the old interest rates.

Read also: West Bengal Election 2021: The crucial struggle to determine the political future of Bengal has begun, why is this stage problematic?

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