The government on Tuesday reduced the interest rates on Small Savings Schemes by up to 140 bps for the April-June quarter. Public Provident Fund (PPF) will now fetch 7.1% from the existing 7.9% while the 5-year National Savings Certificate will return 6.8% instead of 7.9% per annum. Similarly, the 5-year Senior Citizens Savings Scheme will now provide 7.4%.