Yesterday Ministry of Finance has issued an office memorandum wherein rates of various saving scheme were reduced for quarter 01.04.2021 to 30.06.2021 as compared to previous quarter.
The reduced rates are as under:
As we know these are all small saving scheme and these schemes are majorly used by middle class people and by reducing these rates government is discouraging people to save and invest in their schemes.
As soon as the news went out people were not very happy with this news in the new financial year and looking at the feedback our Finance minister made a tweet in the morning and mentioned that the Interest rates shall remain unchanged as were in the last quarter and that the “order was issued by oversight“. The tweet is as under:
“Interest rates of small savings schemes of GoI shall continue to be at the rates which existed in the last quarter of 2020-2021, ie, rates that prevailed as of March 2021. Orders issued by oversight shall be withdrawn.“
It is very strange that such orders are taken by oversight.
This was kind of an April fool prank with the people.
What are your views on same?