(a) whether the Government has reduced the rate of interest for various saving schemes;
(b) if so, the details thereof during the last three years and the current year, scheme-wise along with the reasons thereof and its likely effect on the holders of the said saving scheme;
(c) whether efforts have been made/are being made to protect the said holders from any loss;
(d) if so, the details thereof; and
(e) if not, the reasons therefor?
MINISTER OF STATE IN THE MINISTRY OF FINANCE
(a) to (e) Madam, the scheme of quarterly fixation of interest rates of small saving schemes was introduced from April 1, 2016. The interest rates of small savings schemes are revised every quarter on the basis of yield of G-Secs of comparable maturity period.
Details of change of interest rates from the year 2015-16 onward are at Annexure. Government also provides spread upto 100 bps over the G-sec yield in certain small savings schemes in the interest of the depositors.