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Govt slashes PPF, NSC rates Big hit for small savers ahead of GST
With a few hours to go for the biggest tax reform since Independence to kick in, the Union government disappointed small savers by slashing interest rates on most small saving schemes such as Kisan Vikas Patra and public provident fund (PPF) by 10 basis points.
New Delhi : With a few hours to go for the biggest tax reform since Independence to kick in, the Union government disappointed small savers by slashing interest rates on most small saving schemes such as Kisan Vikas Patra and public provident fund (PPF) by 10 basis points.
According to a report, the Union government has cut interest rates on Kisan Vikas Patra by 10 basis points to 7.5 per cent from 8.5 per cent earlier. Interest rate on public provident fund has also been slashed by 10 basis points to 7.8 per cent.
Interest rate on five-year National Savings Certificate (NSC) has been reduced by 10 basis points to 7.8 per cent. A basis point is one-hundredth of a percentage point. The government move may prompt banks to cut deposit rates.
The Central government had earlier lowered the interest rates on PPF, Kisan Vikas Patra (KVP) and Sukanya Samriddhi scheme by 0.1 per cent for the April-June quarter. Overall market sentiment looked cautious on Friday ahead of the implementation of GST from July 1.
