In a huge relief to small investors, the Centre has kept interest rates on small savings schemes, including NSC and PPF, unchanged for the second quarter of 2021-22 amid the ongoing coronavirus pandemic.
This is the fifth quarter (ending September 30, 2021) in a row that the finance ministry has retained the interest rate on various small savings schemes.
Earlier on 1 April, the Centre had swiftly revoked a steep interest rate cut of up to 1.1% for the first quarter on small savings schemes, citing oversight.
As a result, the first quarter rates were retained at the level of the fourth quarter of the last fiscal year. The cut was touted as the steepest cut in many decades.