Small saving rates cut: According to market experts, this is a very positive step for the banks as the deposit rates by the banks will be reduced accordingly which will ensure a reduction in the lending rate.
Interest rates on small savings schemes, except the ones for the girl child and senior citizens, could be reduced by 25 to 50 basis points (bps) with effect from April 1.
Savings rates on small savings could come off by 25 to 50 basis points (bps) over the next few days as the finance ministry comes up with its new formulation to reset rates on a quarterly basis...