Breaking News : Government withdraws small savings scheme interest rate cut
The Centre has pulled back its decision to cut interest rates of small savings schemes announced last evening.
The announcement was made by Finance Minister Nirmala Sitharaman on April 1 on microblogging site Twitter.
Early in the day Sitharaman tweeted: "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."
She added that the orders, which were "issued by oversight", will be withdrawn
This came after the Ministry of Finance had on March 31 announced a cut in small savings deposit rate from 4 percent to 3.5 percent for the first quarter of the financial year starting April 1, 2021.
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The announcement was made by Finance Minister Nirmala Sitharaman on April 1 on microblogging site Twitter.
Early in the day Sitharaman tweeted: "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."
She added that the orders, which were "issued by oversight", will be withdrawn
This came after the Ministry of Finance had on March 31 announced a cut in small savings deposit rate from 4 percent to 3.5 percent for the first quarter of the financial year starting April 1, 2021.
