{"id":39914,"date":"2021-04-02T05:17:18","date_gmt":"2021-04-02T05:17:18","guid":{"rendered":"https:\/\/www.gkseries.com\/blog\/?p=39914"},"modified":"2021-04-02T05:17:20","modified_gmt":"2021-04-02T05:17:20","slug":"government-slashes-rates-on-small-savings-schemes-by-up-to-1-1","status":"publish","type":"post","link":"https:\/\/www.gkseries.com\/blog\/government-slashes-rates-on-small-savings-schemes-by-up-to-1-1\/","title":{"rendered":"Government slashes rates on small savings schemes by up to 1.1%"},"content":{"rendered":"\n<p>The government has sharply slashed the rates on all small savings instruments for the first quarter of 2021-22, bringing the rate of return on the Public Provident Fund down from 7.1% to 6.4% and effecting cuts ranging from 40 basis points (0.4%) to 110 basis points (1.1%) through a notification.<\/p>\n\n\n\n<p><strong><a href=\"https:\/\/www.gkseries.com\/blog\/category\/daily-quiz\/\" target=\"_blank\" rel=\"noreferrer noopener\">Daily Current Affairs Quiz 2021<\/a><\/strong><\/p>\n\n\n\n<p>The sharpest cut was seen in the quarterly interest rate paid on one-year term deposits, from 5.5% in the January to March quarter to 4.4% in this quarter.<\/p>\n\n\n\n<p>The rate of return on the Senior Citizen Savings\u2019 Scheme was cut from 7.4% to 6.5%, while the Sukanya Samriddhi Account Scheme\u2019s return was reduced from 7.6% to 6.9%.<\/p>\n\n\n\n<p>The interest rate paid on National Savings Certificate and Kisan Vikas Patra were also reduced significantly, from 6.8% to 5.9%, and from 6.9% to 6.2%, respectively. Consequently, the Kisan Vikas Patra, which used to mature in 124 months, will now mature in 138 months.<\/p>\n\n\n\n<p>While savings deposits earned the lowest rate of 4% till now, that return has now been further slashed to 3.5%. Among time deposits, the return on five year deposits has been reduced from 6.7% to 5.8%.<\/p>\n\n\n\n<p>For savers, the option with the highest returns at this point is the Sukanya Samriddhi Account Scheme, followed by the Senior Citizens\u2019 Savings Schemes and the Public Provident Fund.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The government has sharply slashed the rates on all small savings instruments for the first quarter of 2021-22, bringing the rate of return on the Public Provident Fund down from 7.1% to 6.4% and effecting cuts ranging from 40 basis points (0.4%) to 110 basis points (1.1%) through a notification. Daily Current Affairs Quiz 2021 [&hellip;]<\/p>\n","protected":false},"author":404,"featured_media":39915,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1403],"tags":[60],"offerexpiration":[],"class_list":["post-39914","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-current-affairs-april-2021","tag-government-schemes-current-affairs"],"_links":{"self":[{"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/posts\/39914","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/users\/404"}],"replies":[{"embeddable":true,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/comments?post=39914"}],"version-history":[{"count":1,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/posts\/39914\/revisions"}],"predecessor-version":[{"id":39916,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/posts\/39914\/revisions\/39916"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/media\/39915"}],"wp:attachment":[{"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/media?parent=39914"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/categories?post=39914"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/tags?post=39914"},{"taxonomy":"offerexpiration","embeddable":true,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/offerexpiration?post=39914"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}