M A I N   N E W S

Interest on GPF cut by .5 pc

New Delhi, March 30
In a significant move towards a softer interest regime, the government today announced a cut in interest rates on Special Deposit Scheme, General Provident Fund and other deposits from 9.5 per cent to 9 per cent.

In another major decision, interest rates on advances and loans given to government employees for house purchase and construction and also for purchase of vehicles, bicycles and computers have been lowered by 0.5 per cent.

The reduced interest rates would be applicable from April 1, 2002, it was officially stated here.

The decision followed reduction of interest rates on small savings schemes by 0.5 per cent announced in the Union Budget for 2002-03. PTI