Govt cuts interest rates on small savings, PPF, and Senior citizen savings schemes wef from April 1

Govt cuts interest rates: The government has given a big blow to the common people by cutting interest rates on small savings. Interest rates have been cut from savings accounts, PPF, FDs to savings schemes for the elderly. The new rates will come into effect from April 1. 

Govt cuts interest rates on small savings, PPF, and Senior citizen savings schemes. New rates are defined below:

The annual interest on deposits in savings accounts has been reduced from 4 percent to 3.5 percent. Public Provident Fund (PPF) used to get 7.1 percent annual interest till now, which has been reduced to 6.4 percent. The quarterly interest rate on deposits for one year has been reduced from 5.5 percent to 4.4 percent. The elderly will now get only 6.5 percent quarterly interest on savings schemes instead of 7.4 percent.

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Savings deposit revised from 4% to 3.5%,annually. PPF rate down from 7.1% to 6.4%,annually. 1 yr time deposit revised from 5.5% to 4.4%,quarterly. Senior citizen savings schemes rate down from 7.4% to 6.5%,quarterly&paid.

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