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Union Finance Minister Nirmala Sitharaman Thursday said the order cutting interest rates on small saving schemes was withdrawn, and rates which existed in the last quarter of 2020-21 would prevail.
“Interest rates of small savings schemes of GoI shall continue to be at the rates which existed in the last quarter of 2020-2021, i.e., rates that prevailed as of March 2021. Orders issued by oversight shall be withdrawn,” Sitharaman tweeted.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.
Orders issued by oversight shall be withdrawn. @FinMinIndia @PIB_India— Nirmala Sitharaman (@nsitharaman) April 1, 2021
On Wednesday, the government had issued an order cutting interest rates on various small savings schemes sharply by 40-110 basis points. The revised rates were to come into effect from today and remain in effect till June 30. While the lowering of interest rates would have helped the government reduce costs, it would have hurt investors, particularly senior citizens and the middle-class.
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