Wednesday, May 31 2006 10:40 Hrs (IST) - World Time -

New Delhi: The Government yesterday (May 30, 2006) said there is no proposal under its consideration to revise the interest rates on small savings schemes.

"The rates stays where they are. Nothing is under consideration," Finance Ministry Joint Seceretary (Budget) L M Vas told reporters at a funtion to mark the launch of a website of the National Savings Institute.

At present, interest rate in the range of 3.50 per cent to 9 per cent is given on eight small savings schemes.

While the lowest interest rate of 3.50 per cent is given on post office savings account, nine per cent rate is given on senior citizens savings scheme payable quarterly.

She said 'marginal' dip in mobilisation of small savings are reported since many deposits came up for redemption and there is now bar on institutional investors depositing their money on these schemes.