New Delhi, March 31: The Centre government on Tuesday slashed interest rates on various small savings schemes, including National Saving Certificate (NSC) Public Provident Fund (PPF) by up to 1.4 percent. The interest rate of small saving schemes was reduced in line with a sharp cut in policy rates announced by the Reserve Bank of India on March 27 after economic crisis erupted due to coronavirus outbreak in the country. The reduction in the interest rate of small savings drew flak from netizens.
Twitterati slammed the government for its decision and called it against the middle-class of the country. Some even called it “irrational decision” and "surgical strike" on middle class. According to social media users, the decision could affect the maximum population of the country. PPF Interest Rates Slashed by 0.8% Amid Coronavirus Lockdown, Centre Fixes Public Provident Fund At 7.1%.
Here Are Twitter Reactions on Reduction in Small Saving Schemes:
"Surgical strike on PPF & Small Saving Schemes"
Surgical strike on PPF & Small Saving Schemes. Interest rates slashed. Reminds us of the pickpockets who work when attention is diverted.
— Shatarup Ghosh (@shatarupghosh) September 30, 2016
"PPF, NSC rates slashed again! It's robbing of our middle class & Sr citizens"
PPF, NSC rates slashed again! It's robbing of our middle class & Sr citizens' meager small savings. Hope govt comes to senses & reverses it.
— Sndp (@dgtl_g33k) July 3, 2017
“Middle classes will be left to die in financial insecurity yet again”
Interest rates for Senior Citizens , PPF, NSC, Kishan Bikash Patra, Monthly Income Accounts, Sukanya Samriddhi Yojana slashed, which means the middle classes will be left to die in financial insecurity yet again. Now let’s go back to spewing right wing communal bullshit.
— 🌺Amrita🌺 (@protihari) March 31, 2020
"Huge cry in midle-class, elderly & honest working class"
Huge cry in midle-class, elderly & honest working class! Fixed-deposits and PPF rates slashed down in current govt regime. Pls attend ASAP
— Dr Deepak M Gupta (@DrDeepakMGupta) August 19, 2017
Accordingly, the rate on interest on small savings schemes such as the Kisan Vikas Patra, the National Savings Certificate, the Senior Citizens Savings Scheme and the Public Provident fund (PPF) scheme has been revised downwards between 70 basis points and 140 basis points for the first quarter (April-June) of FY 20 20-21. Interest rates on the PPF and the Sukanya Samriddhi Yojana have been cut by 0.8 per cent or 80 bps each. Post office time deposits have seen the sharpest cut of 1.4 per cent or 140.
(With agency inputs)