The Hindu : Interest rates cut on deposits

Online edition of India's National Newspaper
Sunday, Mar 31, 2002

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Interest rates cut on deposits

NEW DELHI, MARCH 30. In a further blow to small investors and salaried class, the Government today announced reduction in interest rates on Special Deposit Scheme, General Provident Fund and on other deposits from 9.5 per cent to nine per cent.

The revised interest rates would be applicable from April one, 2002, an official communique said here.

However, in a minor relief for Government employees, interest rates on advances and loans given for house purchase and construction as also for purchase of vehicles, bicycles and computers have been lowered by 0.5 per cent. This would also be effective from April one.

The decision to cut interest rate on GPF and SDS comes close on the heels of reduction of interest rates on small savings schemes by 0.5 per cent announced in the Union Budget for 2002-03 by Finance Minister Yashwant Sinha as part of measures towards a softer interest rate mechanism.

Interest rates on provident fund and other deposits had been reduced last year by 1.5 per cent from 11 per cent to 9.5 per cent. PTI SKC SKN SUD VSC SKS 03302055 D

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