The
Finance Ministry has cut interest rate on PPF (Public Provident Fund)
and National Savings Certificates (NSC) by 0.1 percent to 8.7
percent and 8.5 percent, respectively.
The changes are effective from 1 April 2013. The earlier PPF
rate was 8.8 percent while rate of NSC was 8.6 percent.
The
ministry has also cut interest rate on five-year postal recurring deposits to
8.3 percent but has kept the savings deposit rate unchanged at 4 percent.
The finance ministry, however, has left savings deposit rate and
one-year time deposit unchanged.
The government is still trying to protect small investors, the
ministry said adding “G-Sec (Government securities) rates have fallen more
sharply than reduction in small saving instruments.”
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