Interest rate cut for long term saving schemes

cut-for-long-term-saving-indian-bureaucracy
cut-for-long-term-saving-indian-bureaucracy

The interest rates of Public Provident Fund (PPF), Kisan Vikas Patra (KVP), Senior Citizens Savings Scheme, 2004, and Sukanya Samriddhi Account (the Girl Child Scheme) were reduced by 0.10 percentage point for the quarter 01.10.2016 to 31.12.2016, and not 0.10 percentage per annum.

The reduction in the rates of interest by 0.10 percentage point was necessitated by a significant fall in the yields on Government Securities of comparable maturities.

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