Govt backtracks on notification to slash interest rates on small savings



Quick Summary
The government has decided to maintain the current interest rates for small savings schemes, reversing a previous notification that aimed to slash them. This means that rates will remain at the levels seen in the last quarter of the 2020-2021 financial year, as they were in March 2021. Any orders that had been issued to implement the rate reduction will now be withdrawn.

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Orders issued by oversight shall be withdrawn.

Interest rates of small savings schemes of GoI to be the same as 2020-21 (Q4)

FAQ :

The government has decided to keep the interest rates on small savings schemes at their current levels, backtracking on a previous decision to reduce them.

The current interest rates are those that existed in the last quarter of the 2020-2021 financial year, specifically as they prevailed in March 2021.

No, the government has withdrawn the orders to slash interest rates, meaning they will not be reduced.

The previous notification and any orders issued to implement the rate slash have been withdrawn by the government.




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