Interest rates rates for small savings schemes slashed

The government slashed interest rates small savings schemes,

Schemes old rates % New rates %
1.PPF                                                 8.7       to       8.1
2.NSC                                                8.5       to       8.1
3.KVP                                                 8.7      to       7.8
4.Senior Citizen Savings Scheme     9.3      to       8.6
5.Sukanya Samriddhi Yojana,            9.2      to       8.6

This aims to move towards market-linked rates for small savings schemes,

This will help banks to move for lower interest rate regime and allow RBI to reduce repo rate.

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