Govt cuts Interests on small savings

Interest rates on small savings schemes have been reduced marginally by 0.1 per cent for the October-December quarter of 2016-17, leading to lower returns on Public Provident Fund, Kisan Vikas Patra, Sukanya Samriddhi Account, among others.

The popular Public Provident Fund will fetch interest rate of 8 per cent in the third quarter of the current fiscal as against 8.1 per cent in the previous three-months period.Interest rate on Kisan Vikas Patra has been brought down to 7.7 per cent from 7.8 per cent.