Govt slashes interest rates on PPF, other small saving schemes

The government on Wednesday slashed interest rates on small saving schemes, including public provident fund (PPF) and national savings certificate (NSC) for the first quarter (Q1) of the financial year 2021 with effect from April 1. Interest rate of PPF have been reduced from 7.1 per cent to 6.4 per cent. While that on NSC has been slashed to 5.9 per cent from 6.8 per cent earlier.