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<p style="text-align:justify"><em>This is the first time that the Centre has scrapped the notified interest rates on small savings schemes after switching to a quarterly interest rate setting system in April 2016.</em></p>
<p style="text-align:justify">Hours after notifying significant cuts in small savings instruments’ returns for this quarter, the government has backtracked on these sharp cuts. This is the first time that the Centre has scrapped the notified interest rates on small savings schemes after switching to a quarterly interest rate setting system in April 2016.</p>
<p style="text-align:justify">The government appears to have had a rethink owing to a sharp backlash on social media about the middle class being squeezed. Retail inflation has been breaching the 6% mark and the government has also decided to tax Employees PF savings starting this year.</p>
<p style="text-align:justify">“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 Orders issued by oversight shall be withdrawn,” Finance Minister Nirmala Sitharaman said in a tweet early Thursday morning.</p>
<p style="text-align:justify">The government resets the interest rate on small savings instruments every quarter, but this round of rate cuts was significant after three quarters of the rates being left untouched. The last round of rate reductions was in the April to June quarter of 2020, when small savings rates had been cut between 0.5% and 1.4%.</p>
<p style="text-align:justify">The rates notified on Wednesday night for the April to June 2021 quarter were 40 basis points (0.4%) to 110 basis points (1.1%) lower on various instruments.</p>
<p style="text-align:justify">The sharpest cut was proposed in the quarterly interest rate paid on one year term deposits, from 5.5% in the January to March quarter to 4.4% in this quarter. The rate of return on the Senior Citizen Savings’ Scheme was cut from 7.4% to 6.5%, while the Sukanya Samriddhi Account Scheme’s return was reduced from 7.6% to 6.9%.</p>
<p style="text-align:justify">The rate of return on the popular Public Provident Fund (PPF) scheme was reduced from 7.9% to 7.1% last April and further slashed to 6.1% for this quarter, before the minister announced the rollback on Thursday morning.</p>
<p style="text-align:justify">Please <a href="https://www.thehindu.com/business/government-withdraws-order-on-rate-cut-on-small-savings-schemes/article34211710.ece?homepage=true">click here</a> to read more.</p>
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LATEST NEWS UPDATES | Government withdraws order on rate cut on small savings schemes -Vikas Dhoot </title>
<meta name="description" content="-The Hindu
This is the first time that the Centre has scrapped the notified interest rates on small savings schemes after switching to a quarterly interest rate setting system in April 2016.
Hours after notifying significant cuts in small savings instruments’ returns..."/>
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This is the first time that the Centre has scrapped the notified interest rates on small savings schemes after switching to a quarterly interest rate setting system in April 2016.
Hours after notifying significant cuts in small savings instruments’ returns..." />
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<br><small>April 1, 2021</small>
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Hours after notifying significant cuts in small savings instruments’ returns for this quarter, the government...</p>
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<br><small>March 31, 2021</small>
<p style="padding-top: 6px;">-The Hindu
There is a need to acknowledge the project’s appeal and the intricacies of representation in order to counter it
Modern democracies are erected upon the twin pillars of rights and representation. While rights define the minimum due of individuals and communities vis-à-vis the state, representation...</p>
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<br><small>March 31, 2021</small>
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India was the third-worst performer in South Asia, after Afghanistan and Pakistan. Bangladesh topped the list in the region.
India has fallen 28 spots to rank 140th among 156 countries on the World Economic Forum’s Global Gender Gap index. In 2020, India had ranked 112th among...</p>
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Farmers have been protesting seeking repeal of the three contentious farm laws on the borders of New Delhi for the last five months now.
New Delhi: The Supreme Court-appointed committee to study the three new controversial agricultural laws has submitted its report to...</p>
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<br><small>March 31, 2021</small>
<p style="padding-top: 6px;">-The Hindu/ PTI
It is the steepest contraction in the last six months
The output of eight core sectors declined by 4.6% in February, the steepest contraction in the last six months, which, experts said, could drag the overall industrial production in the month into the negative...</p>
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LATEST NEWS UPDATES | Government withdraws order on rate cut on small savings schemes -Vikas Dhoot </title>
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This is the first time that the Centre has scrapped the notified interest rates on small savings schemes after switching to a quarterly interest rate setting system in April 2016.
Hours after notifying significant cuts in small savings instruments’ returns..."/>
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This is the first time that the Centre has scrapped the notified interest rates on small savings schemes after switching to a quarterly interest rate setting system in April 2016.
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<br><small>March 31, 2021</small>
<p style="padding-top: 6px;">-The Hindu
There is a need to acknowledge the project’s appeal and the intricacies of representation in order to counter it
Modern democracies are erected upon the twin pillars of rights and representation. While rights define the minimum due of individuals and communities vis-à-vis the state, representation...</p>
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India was the third-worst performer in South Asia, after Afghanistan and Pakistan. Bangladesh topped the list in the region.
India has fallen 28 spots to rank 140th among 156 countries on the World Economic Forum’s Global Gender Gap index. In 2020, India had ranked 112th among...</p>
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Farmers have been protesting seeking repeal of the three contentious farm laws on the borders of New Delhi for the last five months now.
New Delhi: The Supreme Court-appointed committee to study the three new controversial agricultural laws has submitted its report to...</p>
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<br><small>March 31, 2021</small>
<p style="padding-top: 6px;">-The Hindu/ PTI
It is the steepest contraction in the last six months
The output of eight core sectors declined by 4.6% in February, the steepest contraction in the last six months, which, experts said, could drag the overall industrial production in the month into the negative...</p>
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LATEST NEWS UPDATES | Government withdraws order on rate cut on small savings schemes -Vikas Dhoot </title>
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This is the first time that the Centre has scrapped the notified interest rates on small savings schemes after switching to a quarterly interest rate setting system in April 2016.
Hours after notifying significant cuts in small savings instruments’ returns..."/>
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This is the first time that the Centre has scrapped the notified interest rates on small savings schemes after switching to a quarterly interest rate setting system in April 2016.
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There is a need to acknowledge the project’s appeal and the intricacies of representation in order to counter it
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India was the third-worst performer in South Asia, after Afghanistan and Pakistan. Bangladesh topped the list in the region.
India has fallen 28 spots to rank 140th among 156 countries on the World Economic Forum’s Global Gender Gap index. In 2020, India had ranked 112th among...</p>
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Farmers have been protesting seeking repeal of the three contentious farm laws on the borders of New Delhi for the last five months now.
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<br><small>March 31, 2021</small>
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It is the steepest contraction in the last six months
The output of eight core sectors declined by 4.6% in February, the steepest contraction in the last six months, which, experts said, could drag the overall industrial production in the month into the negative...</p>
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LATEST NEWS UPDATES | Government withdraws order on rate cut on small savings schemes -Vikas Dhoot
-The Hindu
This is the first time that the Centre has scrapped the notified interest rates on small savings schemes after switching to a quarterly interest rate setting system in April 2016.
Hours after notifying significant cuts in small savings instruments’ returns for this quarter, the government...
-The Hindu
There is a need to acknowledge the project’s appeal and the intricacies of representation in order to counter it
Modern democracies are erected upon the twin pillars of rights and representation. While rights define the minimum due of individuals and communities vis-à-vis the state, representation...
-Scroll.in
India was the third-worst performer in South Asia, after Afghanistan and Pakistan. Bangladesh topped the list in the region.
India has fallen 28 spots to rank 140th among 156 countries on the World Economic Forum’s Global Gender Gap index. In 2020, India had ranked 112th among...
-The Indian Express/ PTI
Farmers have been protesting seeking repeal of the three contentious farm laws on the borders of New Delhi for the last five months now.
New Delhi: The Supreme Court-appointed committee to study the three new controversial agricultural laws has submitted its report to...
-The Hindu/ PTI
It is the steepest contraction in the last six months
The output of eight core sectors declined by 4.6% in February, the steepest contraction in the last six months, which, experts said, could drag the overall industrial production in the month into the negative...
