Govt withdraws order slashing rates for small saving schemes

The government on Thursday revoked a steep interest rate cut on small savings schemes such as PPF and NSC, with Finance Minister Nirmala Sitharaman saying it was an oversight.

While the government routinely announces interest rates for small savings schemes at the end of every quarter, Wednesday's decision to cut interest rates by up to 1.1 per cent across various small savings schemes, including Public Provident Fund (PPF) and National Savings Certificates (NSC), had come a day before the second phase of polling in West Bengal, including at political hotbed Nandigram from where West Bengal Chief Minister Mamata Banerjee is contesting.