Monday, October 3, 2022

Govt to remove interest rates cuts in small savings says Finance Minister Nirmala Sitharaman

Govt Rolls Back small Savings Scheme Circular: The Central Government has withdrawn the choice to cut the rate of interest on small savings schemes, minister Nirmala Sitharaman has given this info by tweeting. when this tweet, crores of individuals have breathed a sigh of relief.

The central government has withdrawn the choice to cut the rate of interest on the small Savings scheme. Minister Nirmala Sitharaman has given this info by tweeting. when this tweet, crores of individuals have breathed a sigh of relief. it had been reported on Wednesday night that the rate of interest on small savings schemes has been reduced for the first quarter of the financial year 2021 22, but now this decision has been withdrawn.

The interest rates of the Small Savings Schemes of the Government of India will continue at the rates which were present in the last quarter of 2020 2021, i.e. the rates applicable till March 2021. These schemes include Kisan Vikas Patra (KVP), Senior Citizen Savings Scheme (SCSS), Public Provident Fund (PPF), and Sukanya Samriddhi Yojana.

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1. Sukanya Samriddhi Yojana

Sukanya Samriddhi Yojana is a very familiar scheme amongst the people. The interest in Sukanya Samriddhi Yojana was decreased from 7.6 percent to 6.9 percent by the government. Which will continue the same as before

2. Public Provident Fund (PPF)

 Public Provident Fund is the most famous tax-saving scheme for PPF middle class. After the government carved interest on PPF by 70 basis points, the new rate was 6.4 percent, which was the previous 7.1 percent.

3. Senior Citizens Savings Scheme (SCSS)

Central Government decreased the interest on Senior Citizens Savings Scheme from 7.4% to 6.5 The cent was taxed.

4. Kisan Vikas Patra (KVP)

The KVP had a dual whammy due to the judgment of the Central Government to cut interest. Because of the decrease in interest rates on this, its duration was increased from 124 months to 138 days months. But now it will remain the same. Farmers get good interest from this scheme.

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