To address decline in small savings and improve returns to small savers, Government has proposed to revitalize small savings.
Kisan Vikas Patras have been reintroduced and notified. A scheme for Girl Child to cater to requirements of education and marriage have been notified. The Government has also enhanced annual investment ceiling on Public Provident Fund Scheme from ₹ 1.00 lakh to ₹ 1.50 lakh.
Government is running ‘Senior Citizens Savings Scheme’. The rate of interest on small savings schemes has been aligned with the G-Sec rates of similar maturity, with a spread of 25 basis points (bps) with exception of Senior Citizens Savings Scheme. The spread on Senior Citizens Savings Scheme is 100 bps.
This information was given by the Minister of State of Finance, Shri Jayant Sinha in written reply to a question in Lok Sabha.
