Union Finance Minister Nirmala Sitharaman announced recently that she was taking back the Central government’s decision to reduce the interest rates on all types of savings accounts.
She said in a statement that the decision was taken in a hurry and would not be implemented. She clarified that the interest rate that was implemented in the last quarter of the 2020-2021 financial year will be continued to the next.
However, there has been criticism that lower interest rates on all types of savings accounts, such as national savings accounts and the Public Provident Fund, will have a severe impact on middle-class depositors. Nirmala Sitharaman announced her decision on her official Twitter account.