Small Saving Rate Cut

CP(M) General Secretary Sitaram Yechury on Thursday alleged that the Central government postponed the cuts on the interest rate on small savings schemes in view of ongoing Assembly elections in four states and one Union Territory.

Congress leader Priyanka Gandhi today asked Finance Minister Nirmala Sitharaman if the Centre's overnight flip-flop on small savings scheme interest rates was a case of "oversight" as claimed or one of election-driven "hindsight".

Steep cuts on interest rates on small savings schemes announced last evening were rolled back by the government today with Finance Minister Nirmala Sitharaman undoing what she called "orders issued by oversight".

Interest rates on small savings schemes, including National Savings Certificates or NSC and Public Provident Fund or PPF, received a huge cut of up to 1.1 per cent for the first quarter of 2021-22 in a massive blow to middle-class depositors.

Kisan Vikas Patra Interest Rate: From April 1, the government will pay interest at a rate of 6.9 per cent, instead of the existing 7.9 per cent.

FD Interest Rate: From April 1, the interest rates for most small savings schemes have been cut up by to 140 basis points.

PPF Interest Rate: A Public Provident Fund account can be set up at designated branches of post office and commercial banks for a lock-in period of 15 years.

From April 1, the government has lowered the interest rates applicable to most small savings schemes by up to 140 basis points (1.4 percentage point).

The Congress took a dig at the Union government on Saturday, dubbing its decision to reduce interest rate on small savings schemes as its "return gift" to voters after they gave it a massive victory in the recent Lok Sabha polls.

The government on Friday reduced interest rate on small savings schemes, including National Savings Certificate (NSC) and PPF, by 0.1 per cent.

PPF and NSC will fetch a lower annual rate of 7.6% while KVP will yield 7.3% and mature in 11 months.

The Ciaz diesel features a technology called SHVS or Smart Hybrid Vehicle System that classifies the sedan as a hybrid car and not just standard internal combustion engine automobile. All hybrid cars are classified at 43 per cent total GST which includes 28 per cent GST and 15 per cent cess that was originally levied on cars when the new tax struct...

A surge in bank deposits after demonetisation and RBI rate cuts have brought down the overall interest rate in the system.

"The environment for timely transmission of policy rates to banks' lending rates will be considerably improved" if non-performing assets are resolved more quickly and efficiently, recapitalisation is hastened, and small savings are adjusted by fully implementing a formula decided earlier, the RBI said.

The RBI on its part hopes that the recent cut in small savings rates as well as its steps to infuse liquidity into the financial system will help banks to transmit its rate cuts to customers.

CP(M) General Secretary Sitaram Yechury on Thursday alleged that the Central government postponed the cuts on the interest rate on small savings schemes in view of ongoing Assembly elections in four states and one Union Territory.

Congress leader Priyanka Gandhi today asked Finance Minister Nirmala Sitharaman if the Centre's overnight flip-flop on small savings scheme interest rates was a case of "oversight" as claimed or one of election-driven "hindsight".

Steep cuts on interest rates on small savings schemes announced last evening were rolled back by the government today with Finance Minister Nirmala Sitharaman undoing what she called "orders issued by oversight".

Interest rates on small savings schemes, including National Savings Certificates or NSC and Public Provident Fund or PPF, received a huge cut of up to 1.1 per cent for the first quarter of 2021-22 in a massive blow to middle-class depositors.

Kisan Vikas Patra Interest Rate: From April 1, the government will pay interest at a rate of 6.9 per cent, instead of the existing 7.9 per cent.

FD Interest Rate: From April 1, the interest rates for most small savings schemes have been cut up by to 140 basis points.

PPF Interest Rate: A Public Provident Fund account can be set up at designated branches of post office and commercial banks for a lock-in period of 15 years.

From April 1, the government has lowered the interest rates applicable to most small savings schemes by up to 140 basis points (1.4 percentage point).

The Congress took a dig at the Union government on Saturday, dubbing its decision to reduce interest rate on small savings schemes as its "return gift" to voters after they gave it a massive victory in the recent Lok Sabha polls.

The government on Friday reduced interest rate on small savings schemes, including National Savings Certificate (NSC) and PPF, by 0.1 per cent.

PPF and NSC will fetch a lower annual rate of 7.6% while KVP will yield 7.3% and mature in 11 months.

The Ciaz diesel features a technology called SHVS or Smart Hybrid Vehicle System that classifies the sedan as a hybrid car and not just standard internal combustion engine automobile. All hybrid cars are classified at 43 per cent total GST which includes 28 per cent GST and 15 per cent cess that was originally levied on cars when the new tax struct...

A surge in bank deposits after demonetisation and RBI rate cuts have brought down the overall interest rate in the system.

"The environment for timely transmission of policy rates to banks' lending rates will be considerably improved" if non-performing assets are resolved more quickly and efficiently, recapitalisation is hastened, and small savings are adjusted by fully implementing a formula decided earlier, the RBI said.

The RBI on its part hopes that the recent cut in small savings rates as well as its steps to infuse liquidity into the financial system will help banks to transmit its rate cuts to customers.