No interest on National Savings Scheme from Oct 1: What it means for you
Last Update Date: 06-10-2026
Published by Mint
Abhishek Kumar's role: Quoted
Abhishek Kumar said the change may make people wary of relying on small savings schemes alone for retirement. He suggested that depositors in lower tax slabs withdraw in tranches across financial years, while those in the 30% slab may withdraw at once.
More of Abhishek's views on saving and deposits
The article reports on the government's decision to stop paying interest on National Savings Scheme accounts from 1 October 2024 and its effect on long-time depositors, who face tax on withdrawals. It includes depositors' concerns, calls for tax relief, and the finance ministry's clarification on why the change was made.
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No interest on National Savings Scheme from Oct 1: What it means for you