Interest rates of PPF, Kisan Vikas Patra and other small savings schemes slashed; new rates will be applicable from today (1 April)
People with accounts in Public Provident Fund (PPF), Kisan Vikas Patra (KVP) and National Savings Certificate (NSC) will earn less after the rates were cut by 70-140 basis points (bps).
If you think RBI’s 35 bps surprise rate cut is big bonanza for common man, the joke is on you; here’s why
The banks have room for further reduction of at least 80 bps in their lending rates if these entities choose to pass on the full benefit of the RBI rate cuts to the end-borrower.
Govt cuts interest rate on NSC, PPF and other small savings schemes by 0.1% for July-September quarter
The government on Friday reduced the interest rate on small savings schemes, including NSC and PPF, by 0.1 percent for the July-September quarter
The government has kept the interest rates on small savings schemes, including NSC and PPF, unchanged for the April-June quarter
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For the January-March quarter, the government had reduced interest rates on small saving schemes by 0.2 percentage points
Justifying slashing of interest rate on small saving instruments like PPF, Finance Minister Arun Jaitley today said interest rates in India are "extraordinarily" high and the country risks becoming the most sluggish economy if lending rates continue to rule high.
The declining savings rate in India may have forced the government to re-launch the popular Kisan Vikas Patra (KVP).