News PPF, NSC rates to be cut; bank FDs may fetch lower interest

[Deepu]

The government is set to reduce interest rates on small savings products such as public provident fund and National Savings Certificate over the next few days - a move that will impact returns on your bank fixed deposits but also pave the way for banks to pare lending rates in the coming months and reduce the EMI burden.

The new formula will see small savings rates linked to returns on government securities of comparable maturity, with the reduction expected to be up to 50 basis points (100 basis points equal a percentage point). The finance ministry is finalizing product-specific rates and sources said the impact would be higher in case of maturity period of less than five years. There are indications that senior citizens and women will be protected with products such as the Sukanya Samriddhi Yojana spared the axe, at least for the moment.

The new rates are expected to be notified over the next few days with the government set to announce quarterly revision instead of an annual reset, which is the norm currently, sources said.

PPF, NSC rates to be cut; bank FDs may fetch lower interest - Times of India

 

[IndianMascot]

This is too much. One one hand we have to pay increased taxes and on the other hand we will be getting less benefits on savings...

It's better to start migrating to some other country. Yaha to loot lenge.

 

[Prateek Marwadi]

This is too much. One one hand we have to pay increased taxes and on the other hand we will be getting less benefits on savings...

It's better to start migrating to some other country. Yaha to loot lenge.

other countries won't give even 1 % on ur savings.
in many countries u have to pay to the banks for depositing ur money in banks

india is a good place as still it is an emerging market.
but the govt. is bad.

 

[IndianMascot]

As you you have remained citizen all over the world and experienced it.

 

[Prateek Marwadi]

As you you have remained citizen all over the world and experienced it.

i have read the economy of most of the countries (developed economy only)
i think u dint like if i reply to u.

 

[IndianMascot]

You might have read but u have friends in many countries. They never said anything like this.

Your comments are always exceptional. Unbelievable and unearthly

 

[Prateek Marwadi]

You might have read but u have friends in many countries. They never said anything like this.

Your comments are always exceptional. Unbelievable and unearthly

whose friends ? i think u made a typing mistake.

 

[IndianMascot]

Yeah. Read u as i

 

[Prateek Marwadi]

Yeah. Read u as i

bro... in all the major economies interest rates on banks are almost zero.
e.g. america australia european nations singapore, canada

aapke friends kahan par rehte h ? please ask them again.

i never provide wrong info.

 

[IndianMascot]

Ok. I will ask and confirm. Kya yaar. Ab to Bangladesh ya Sri Lanka hi jana padega.