The Centre is likely to reduce the interest rates on small savings schemes by the end of this month with a view to aligning them with the market rates. "The government will take a decision on reducing small savings rate by the end of this month," a Finance Ministry official said. The ministry in September had announced its intention to review interest rates on small savings, which includes Post office savings and Public Provident Fund ( PPF), after bankers said high rates on such schemes run by the government make fixed deposits of banks uncompetitive.
