'Wrong time to reduce interest rates on small savings'

4/1/2020

For any News Coverage, Please Contact: media@jhalak.com

Former Union Finance Minister P. Chidambaram has slammed the government for reducing the interest rates om small savings and PPF and said it may be "technically correct but it's wrong time" as the country is amid lockdown due to fear of Covid-19 and people have no way of income.

"In times of acute distress and uncertainty about income, people depend on the interest income on their savings." tweeted Chidambaram.

The former Minister demanded roll back, saying, "Government must reconsider immediately and restore old rates until June 30. While reducing the interest rate on PPF and small savings may be technically correct, it is absolutely the wrong time to do so."

The Union Government has reduced the interest rates on small savings schemes by 70 to 140 basis points for the year 2020 during April-June quarter.

Public provident fund interest rates in the quarter have been brought down by 80 bps to 7.1 per cent and for KVP (Kisan Vikas Patra) the rate has been slashed by 70 bps to 6.9 percent and after reduction of 0.8 percent, the girl child-focussed Sukanya Samriddhi scheme now stands at the interest rate of 7.6 per cent.
Source: Jhalak Bureau

For any News Coverage,Please Contact: media@jhalak.com

Related Links

GALLERY

Jhalak.com - Indian Classifieds in USA.

  • Jhalak.com is an Enterprise Multi Utility Classifieds Portal Which is Integrated and Centralized Online Classifieds, Sports Software’s and Indian Movie tickets.
  • Jhalak.com is an Indian Classifieds in USA that Covers Indian Business Directory, Roommates, Nanny Services, Buy and Sell, Indian Attorneys, CPA and Financial Tax Services, Indian Doctors, Indian Events, Indian Stores, Shops, H1 B Jobs, Training Centers, Indian Restaurants, Indian Communities, Coupons, Indian Real Estate agents and Many more desi classifieds categories.
  • Our Entertainment zone is a set of Indian Movies Information include Tollywood, Bollywood, Kollywood, Sandalwood, Hollywood and Provides Online Movies Tickets for Indian Movies in USA.
  • Online Sports Software: Cricket, Volley-Ball, Tennis, Badminton, Carrom and Ping Pong and Chess.