Finance To please bankers, government may cut rate on small savings schemes in next quarter Updated : March 18, 2020 04:40 PM IST During the current quarter, the government refrained from cutting interest rates on small savings schemes, such as Public Provident Fund (PPF) and National Savings Certificate (NSC). The finance ministry has been nudging public sector banks to pass the whole repo rate cuts to retail loans for pushing consumption. The interest rate for 5-year Senior Citizens Savings Scheme was retained at 8.6 percent, while that for savings deposits was kept unchanged at 4 percent a year. Subscribe to Moneycontrol PRO at just Rs.33/- per month for the first year. Use code SUPERPRO. Limited period offer. Available on Web and Android.