A day after the Union Finance Ministry announced a cut in the small savings schemes, Finance Minister Nirmala Sitharaman retracted it by saying that the orders were issued by “oversight“. The rates, same as the last quarter of the previous financial year will continue.
Interestingly, her statement in general and the term “oversight” in particular, drew hilarious reactions from politicians and general public, alike.
Also read: Small savings schemes losing sheen, better to invest in mutual funds
Here’s what the Finance Minister tweeted:
Here are some reactions to it:
Several Twitter users, politicians and political commentators also asserted that the order was withdrawn due to the Assembly elections in four states and the union territory of Puducherry.
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The Centre had announced rate cuts of several saving schemes that were to come into effect on Thursday.
The small savings deposit rate was slashed from 4% to 3.5%, PPF rate from 7.1% to 6.4%, one-year time deposit rate from 5.5% to 4.4%, rate of Senior Citizen Savings Schemes from 7.4% to 6.5%.
