Small savings rates cut by 0.1%

A notification said that investments in the PPF scheme would fetch a lower annual rate of 7.9%

The government on Friday lowered interest rates on small-savings schemes such as the public provident fund, one- to five-year time deposits, five-year recurring deposits, the senior citizens scheme Kisan Vikas Patra and the Sukanya Samriddhi scheme for the April-June quarter, a move that could lead to banks cutting their deposit rates as well.
 
Of the 12 small savings schemes, the Centre cut the rates by 0.1 percentage point over those in the January-March quarter for 11 of them, leaving out the savings deposit, which was maintained at 4 per cent. Since April last year, the interest rates for all