Small Saving Schemes Interest Rate Cut: Govt Slashes Interest Rates on PPF, NSC & Others; Check New Rates Applicable From April 1, 2021

Team Latestly
·2-min read

New Delhi, March 31: The government has slashed the interest rates on small saving schemes for the upcoming financial year starting from Thursday, April 1. The interest rate on saving deposit has been reduced by 0.5 per cent from the next financial year and now stands at 3.5 per cent. For the financial year ending on Wednesday, it stood at 4 per cent. Meanwhile the interest rate on Senior Citizen Saving Scheme (quarterly and paid) has been brought down to 6.5 per cent starting from April 1, 2021. How to Link PAN And Aadhaar Card? Know Online and Offline Ways to Link PAN Number and Aadhaar Number.

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The interest rate on the National Saving Certificate has been slashed by 0.9 per cent from the existing 6.8 per cent to the 5.9 per cent. The revised interest rate on Public Provident Fund Scheme is 6.4 per cent, a 0.7 per cent cut from the existing 7.1 per cent. Sukanya Samriddhi Yojana will earn an interest rate of 6.9 per cent from the upcoming financial year. Aadhaar-PAN Linking Deadline Extended; Last Date For Linking Aadhaar Number With PAN Card Changed to June 30, 2021 In View of COVID-19.

Check the Interest Rates on Small Saving Schemes Applicable w.e.f April 1, 2021:

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The interest rate on 1-year time deposit has been reduced to 4.4 per cent from 5.5 per cent. The interest of two-year time deport has been reduced to 5 per cent from 5.5 per cent, three-year time deposit 5.1 per cent from 5.5 per cent, five-year time deposit 5,8 per cent from 6.7 per cent, five-year recurring deposit 5.3 per cent from 5.8 per cent.

The revision in the interest rates on the Small Saving Schemes comes after the reduction during the first quarter of the current financial year.The government had kept the rates unchanged since past three quarter he Centre had kept interest rates unchanged since the past three quarters.