31 March 2017 Current Affairs: The government has lowered interest rates by 0.1% on small savings instruments, such as Kisan Vikas Patra, Senior Citizens Savings Scheme, Public Provident Fund (PPF) and Sukanya Samriddhi Account, effective from April 1, 2017.
PPF will fetch an interest rate of 7.9% starting from April 1, 2017, which was earlier 8%. In similar fashion, Five-Year Senior Citizens Savings Scheme at 8.4%, Five-Year National Savings Certificate at 7.9% and Kisan Vikas Patra will come down to 7.6%.
Reason: Due to overall decline in interest rate in the financial system, the aforesaid interest rates have been reduced.
Union Finance Minister: Arun Jaitley (Since 26 May 2014)