In view of adequate liquidity in the system, SBI realigned its interest rates on Savings Bank Deposits, with effect from April 15, 2020, SBI said in a statement.

The PPF interest rate of 7.1 per cent, down from 7.9 per cent, is the lowest in four decades, and the fixed and recurring deposit rates are the lowest since 1991.

The interest rate on the five-year term deposit has been reduced to 6.7 per cent from current rate of 7.7 per cent.

Scary Bail-in clause in FRDI Bill cleared by the Union Cabinet in June 2017 allows banks to finance themselves using depositors money.

Ministry of Finance has issued four separate Gazette notifications making Aadhaar mandatory for opening all post office deposit accounts, Public Provident Fund (PPF), National Savings Certificate scheme and Kisan Vikas Patra deposits.

'Now we have made Aadhaar compulsory for enrolment. We don't want accounts to be closed. The PF account is the permanent account. The worker can retain the same account for social security.'