Rate cut on small savings: Elections, WEF report linked to fastest recall

West Bengal leads the annual state wise table of contribution to small savings at 15.09 per cent. For the year FY18, Tamil Nadu is fifth in the small savings pecking order at 4.8 per cent

There was already an in-principle approval that the interest rates on small savings instruments have to be aligned every quarter with the government debt papers. So, on Wednesday when the file for adjusting the rates was moved in the budget division of the finance ministry, the routine order did not need to reach Finance Minister Nirmala Sitharaman. 

However, within minutes of the finance ministry order, Bharatiya Janata Party workers in the poll-bound states had begun to reach out to the leaders for rescinding the order, sources said. West Bengal leads the annual state wise table of contribution to small savings