Central government reduced the rate of interest on small savings Schemes from 1st April 2021

New Delhi : At the beginning of the new financial year, the central government has given a major blow to the middle class. The government has reduced the rate of interest on small savings schemes with effect from April 1, 2021. This order of reduction in interest rates has been issued for the first quarter of the new financial year.

However, according to this order, the interest rate on deposits in savings accounts has been reduced from four per cent to 3.5 per cent per annum. The rate of interest on PF has been reduced from 7.1 per cent to 6.4 per cent per annum. One-year deposits have been reduced from 5.5 per cent to 4.4 per cent quarterly. At the same time, the rate of Senior Citizen Savings Scheme has been reduced from 7.4 percent to 6.5 percent quarterly.