Nirmala Sitharaman tweets small savings rate cut order to be withdrawn; Congress calls it ‘poll-driven hindsight’

File picture of Nirmala Sitharaman. News18

In a tweet on Thursday morning that concurrently gave rise to cheer and dismay, Finance Minister Nirmala Sitharaman mentioned that the “rates of interest of small savings schemes will proceed to be on the charges which existed within the final quarter of 2020-2021”. Nevertheless, what caught everybody’s consideration was that “Orders issued by oversight shall be withdrawn.”

Rates of interest of small savings schemes of GoI shall proceed to be on the charges which existed within the final quarter of 2020-2021, ie, charges that prevailed as of March 2021.
Orders issued by oversight shall be withdrawn. @FinMinIndia @PIB_India

— Nirmala Sitharaman (@nsitharaman) April 1, 2021

The finance minister’s tweet within the morning when the states of Assam and West Bengal are voting within the second section of Meeting elections in 39 and 30 constituencies respectively even led to speculations if the choice was motivated by the state polls with Congress common secretary Priyanka Gandhi Vadra dropping hints of a extra political resolution fairly than monetary.

Actually @nsitharaman “oversight” in issuing the order to lower rates of interest on GOI schemes or election pushed “hindsight” in withdrawing it? https://t.co/Duimt8daZu

— Priyanka Gandhi Vadra (@priyankagandhi) April 1, 2021

Congress chief Vineet Punia responded to the finance minister’s tweet accusing the BJP authorities of repeatedly harming residents on the financial entrance.

भाजपा केवल ‘हम दो, हमारे दो’ की सरकार है, जनता के बीच अपना भरोसा खो चुकी है।

2014 की ब्याज दरें नीचे दी गई हैं पर आम भारतीय पर BJP ने बार-बार आर्थिक चोट मारी है। बार-बार लघु बचत योजनाओं, कर्मचारियों के पीपीएफ बचत खातों, किसान बचत योजना/सुकन्या की ब्याज दरों में भारी कमी की है। pic.twitter.com/TNeYEZzMy4

— Dr Vineet Punia। विनीत पुनिया (@VineetPunia) April 1, 2021

On Wednesday, in a jolt to savers, the finance ministry had diminished curiosity rate by up to 1.1 % throughout numerous small savings schemes, together with the Nationwide Savings Certificates (NSC) and Public Provident Fund (PPF).

The curiosity rate on Public Provident Fund (PPF) was diminished by 0.7 % to 6.4 %, whereas Nationwide Savings Certificates (NSC) was to earn 0.9 % much less at 5.9 %.

The steepest fall of 1.1 % was effected within the one-year time period deposit. The brand new rate was introduced down to 4.4 % as in contrast to 5.5 %.

Rates of interest for small savings schemes are notified on a quarterly foundation.​

With inputs from PTI