New Delhi: The government on July 8 said it has no plans to review the interest rate cut on small savings schemes announced in the Budget.

"There are no plans to cut the interest rate on small savings schemes, which are market-determined," a top Finance Ministry official said discounting reports that government may take a re-look at small savings rates.

The government has implemented Y V Reddy (RBI deputy governor) Committee report according to which interest rates on small saving should no longer be administered.

Currently, the market determined rate is nine per cent and the small savings rate is pegged at that level, the sources said adding the rates could be changed only once a year at present.

PTI