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Sharp cut in interest rates on small savings schemes like PPF, NSC and SSCS
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Interest rates on various small savings schemes like Public Provident Fund (PPF), Kisan Vikas Patra (KVP) and National Savings Certificate have been reduced by as much as 70 to 140 basis points for the 1 April to 30 June quarter.
One basis point is one-hundredth of a percentage point. Since April 2016, interest rates of all small saving schemes have been linked to government bond yields and are now recalibrated on a quarterly basis.
After the recent cut in repo rate (rate at which RBI lends money to banks) by 75 bps amid Covid-19 pandemic outbreak, most experts were of the view that interest rate on small savings schemes would get revised too, but were not expecting such a sharp revision. "The rate cut is more than expected.
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