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In a move that will hit the common man, the government today slashed interest rates payable on small savings including the popular public provident fund (PPF) and Kisan Vikas Patra (KVP) in a bid to align them closer to market rates.
As a part of its February 16 decision to revise interest rates on small savings every quarter, the interest rate on public provident fund (PPF) scheme will be cut to 8.1 percent for the period April 1 to June 30, from 8.7 percent, at present.
Similarly, the interest rate on KVP will be cut to 7.8 percent from 8.7 percent, according to a Finance Ministry order.
As a part of its February 16 decision to revise interest rates on small savings every quarter, the interest rate on public provident fund (PPF) scheme will be cut to 8.1 percent for the period April 1 to June 30, from 8.7 percent, at present.
Similarly, the interest rate on KVP will be cut to 7.8 percent from 8.7 percent, according to a Finance Ministry order.
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