Government has reduced the interest rates on various small savings schemes for the 1st quarter of FY 2021-22. Savings deposit rate has been revised from 4 per cent to 3.5 per cent annually while the Public Provident Fund rate has been cut down to 6.4 per cent from 7.1 percent annually. The interest rate on National Savings Certificates has been reduced to 5.9 percent from existing 6.8 percent and Kisan Vikas Patra will give a yield of 6.2 per cent on maturity in 138 months. Sukanya Samriddhi Yojana account will offer 6.9 percent interest rate instead of earlier 7.6 per cent. Senior citizen savings schemes rate has been lowered from 7.4 per cent to 6.5 per cent quarterly.