Govt cuts interest rates on small savings schemes as lockdown continues

Interest rates were also cut for a senior citizens saving scheme and National Savings Certificate

The government has cut interest rates on small savings schemes by 70 to 140 basis points (bps) for the April-June quarter of the financial year 2020-21, announcing another measure to shore up resources as it manages the implication of a three-week national lockdown against the coronavirus pandemic.

Interest rates on public provident fund the quarter were cut by 80 bps to 7.1 per cent as those for Kisan Vikas Patra were slashed by 70 bps to 6.9 per cent.

Interest rates were also cut for