BOOM

Trending Searches

    Boom VIP
    BOOM

    Trending News

      • Fact Check 
        • Fast Check
      • Law
      • Explainers
      • News 
        • All News
      • Decode
      • BOOM Reports
      • Media Buddhi 
        • Digital Buddhi
        • Senior Citizens
        • Videos
      • Web Stories
      • Boom Verified
      • Workshops
      • Videos
      • Home-icon
        Home
      • About Us-icon
        About Us
      • Authors-icon
        Authors
      • Team-icon
        Team
      • Careers-icon
        Careers
      • Internship-icon
        Internship
      • Contact Us-icon
        Contact Us
      • Methodology-icon
        Methodology
      • Correction Policy-icon
        Correction Policy
      • Non-Partnership Policy-icon
        Non-Partnership Policy
      • Cookie Policy-icon
        Cookie Policy
      • Grievance Redressal-icon
        Grievance Redressal
      • Republishing Guidelines-icon
        Republishing Guidelines
      • Fact Check-icon
        Fact Check
        Fast Check
      • Law-icon
        Law
      • Explainers-icon
        Explainers
      • News-icon
        News
        All News
      • Decode-icon
        Decode
      • BOOM Reports-icon
        BOOM Reports
      • Media Buddhi-icon
        Media Buddhi
        Digital Buddhi
        Senior Citizens
        Videos
      • Web Stories-icon
        Web Stories
      • Boom Verified-icon
        Boom Verified
      • Workshops-icon
        Workshops
      • Videos-icon
        Videos
      • Home
      • Explainers
      • Govt Reverses Interest Rate Cut On...
      Explainers

      Govt Reverses Interest Rate Cut On PPF, Other Small Savings Schemes

      Less than 24 hours after the order reducing the rates were issued, FM Sitharaman reversed it, calling the order an oversight.

      By - Mohammed Kudrati | 1 April 2021 8:00 AM GMT
      • Facebook
      • Twitter
      • Whatsapp
      • Telegram
      • Linkedin
      • Email
      • Print
      • link
      • Facebook
      • Twitter
      • Whatsapp
      • Telegram
      • Linkedin
      • Email
      • Print
      • link
      • Facebook
      • Twitter
      • Whatsapp
      • Telegram
      • Linkedin
      • Email
      • Print
      • link
    • Govt Reverses Interest Rate Cut On PPF, Other Small Savings Schemes

      Finance Minister Nirmala Sitharaman on Thursday tweeted saying that a government decision to reduce the interest rates on a number of small saving scheme categories - issued less than 24 hours ago - has been reversed, calling the order an 'oversight'.


      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. @FinMinIndia @PIB_India

      — Nirmala Sitharaman (@nsitharaman) April 1, 2021


      The schemes - part of National Small Savings Fund - are popular interest-bearing instruments in financial planning among small savers and the middle-class income earners. The rate cuts were as deep 1.1 percentage point (110 basis points) on the one-year time deposit which faced the steepest cut., falling from 5.5% to 4.4%

      The step caused the government to draw flak from users on social media, and the opposition parties. This withdrawal of the rate cuts is also being linked to the election season, where four states and one union territory are currently going to the polls.

      The schemes covered include the public provident fund (PPF), savings deposits, senior citizen savings scheme.



      According to data from the National Savings Institute, in FY21 (upto January 2021), the fund managed gross savings worth ₹7.07 lakh crores (which is the total savings) and net savings worth ₹1.98 lakh crore (net over FY20).

      What are the small savings schemes?

      The small savings schemes is a government run initiative under Ministry of Finance, targeting several groups of savers, such as small depositors, farmers, senior citizens and those who want to save for their girl child.

      The schemes fall under the Public Account of India, which is one of the three accounts in the government's annual financial statement.

      Also Read: Budget Glossary #1: The Annual Financial Statement

      The schemes are known for their safety and carry a degree of trust due its its governmental backing.


      Tags

      Small Savings SchemeNirmala SitharamanMinistry of FinancePPFPublic Provident FundSenior Citizen SavingsSmall Savings Rate Cut
      Read Full Article
      Boom

      Do you always want to share the authentic news with your friends?

      Subscribed Successfully...
      Enter Valid Email Id
      • Facebook
      • Twitter
      • Whatsapp
      • Telegram
      • Linkedin
      • Email
      • Print
      • link
      • Facebook
      • Twitter
      • Whatsapp
      • Telegram
      • Linkedin
      • Email
      • Print
      • link
      • Facebook
      • Twitter
      • Whatsapp
      • Telegram
      • Linkedin
      • Email
      • Print
      • link
      Next Story
      • Facebook
      • Twitter
      • Whatsapp
      • Telegram
      • Linkedin
      • Email
      • link
      • Facebook
      • Twitter
      • Whatsapp
      • Telegram
      • Linkedin
      • Email
      • link
      • Facebook
      • Twitter
      • Whatsapp
      • Telegram
      • Linkedin
      • Email
      • link
      Our website is made possible by displaying online advertisements to our visitors.
      Please consider supporting us by disabling your ad blocker. Please reload after ad blocker is disabled.
      X
      X
      Or, Subscribe to receive latest news via email
      Subscribed Successfully...
      Copy HTMLHTML is copied!
      There's no data to copy!