Govt cuts interest rate on small savings schemes by 0.1 pc

The government has reduced interest rate on small savings schemes, including the National Savings Certificate and Public Provident Fund, by 0.1 per cent for the July-September quarter. Barring interest on savings deposits, which has been retained at 4 per cent annually, rate on all other schemes has been slashed by 0.1 per cent. Finance Ministry said in a statement that on the basis of the decision of the government, interest rates for small savings schemes are to be notified on a quarterly basi...