The employees Provident fund organisation raised the interest rate to 8.8% from 8.75%, while the Government has reduced the interests on postal deposits by 25 basis points.

However the interest rates in PPF, NSC, Sukanya Samridhi Yojana, Senior citizen’s savings scheme and the monthly income scheme is left untouched time being.

This will help the economy to move to a lower overall interest rate regime eventually and thereby help low-income and salaried classes.

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Source: Economic Times