Govt withdraw, slashing interest rates for small saving schemes

The government announced steep cuts in interest rates of small saving schemes, including the PPF and NSC, on Wednesday. That order has been withdrawn, finance minister Nirmala Sitharaman announced on Thursday morning.The government on Thursday withdrew the order slashing rates for small saving schemes.
The announcement was made by Union finance minister Nirmala Sitharaman on Twitter.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 Orders issued by oversight shall be withdrawn," she said on Twitter.The interest rate on PPF was reduced by 0.7 per cent to 6.4 per cent while the rate on NSC was cut from 6.8 per cent to 5.9 per cent.