Interest rates: Congress slams govt
Congress leader Randeep S Surjewala tweeted: "Blatant profiteering out of Ordinary Indian's life savings by Modi Ji. We condemn the merciless&mindless interest cuts on PPF,NSC,KVP etc."
The government has slashed interest in Public Provident Fund (PPF) scheme from 8.7 percent to 8.1 percent from the period between April 1 to June 30.
Similarly, interest rate in Kisan Vikas Patra has been reduced from 8.7 percent to 7.8 percent.
Year Senior Citizens Savings Scheme's interest rate has been slashed from 9.3 percent to 8.6 percent interest.
These rates are applicable for the next financial year.
"This is being done in line with the recommendations of the Shyamala Gopinath Committee to ensure that the interest rates of Small Savings Schemes are market linked," read a government statement.
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