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Reduction in interest rates on small savings schemes abn 97 | Reduction in interest rates on small savings schemes

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Discount in rates of interest on small financial savings schemes abn 97 | Discount in rates of interest on small financial savings schemes

The central authorities pushed the center class firstly of the brand new monetary 12 months by slashing rates of interest on small financial savings schemes.

The rate of interest on Public Provident Fund (PPF) has been diminished by 0.7 per cent to six.4 per cent. The curiosity on Posta’s financial savings account has been elevated from 4 per cent to three.5 per cent each year. The rate of interest on one-year time period deposits has been hiked from 5.5 per cent to 4.4 per cent and the rate of interest on senior residents’ financial savings schemes from 7.4 per cent to six.5 per cent. The rate of interest on Nationwide Financial savings Certificates has been elevated from 6.8 per cent to five.9 per cent and on Kisan Vikaspatras from 6.9 per cent to six.2 per cent. The rates of interest of Sukanya Samrudhi Yojana have additionally been diminished. The brand new rates of interest might be relevant for the primary quarter of the brand new monetary 12 months (April 1 to June 30, 2021).

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