Govt cuts small savings interest rate by 0.2 percentage points
The government on Wednesday cut the interest rate on small savings schemes, such as Public Provident Fund (PPF) and National Savings Certificate (NSC), by 0.2 percentage points for the January-March quarter. PPF and NSC will now fetch a lower annual rate of 7.6%. Since April 2016, interest rates of all small saving schemes have been recalibrated on a quarterly basis.