The government has decided to reduce agents' commission under various small savings schemes and Public Provident Fund to make these investor-centric, Finance Minister P Chidambaram on Thursday said.
"The government, after consulting all stakeholders and representations received, has decided to reduce the commission under PPF and SCSS (Senior Citizens Saving Scheme) to zero and under SAS (Standardised Agency System ) to 0.5 per cent," he said in Rajya Sabha during Question Hour.
The government's move followed recommendations of the Shyamala Gopinath Committee to reduce commission of 0.5 per cent on SCSS and one per cent on PPF to zero.
It had also recommended reduction in commission under Mahila Pradhan Kshetriya Bachat Yojana (MPKBY) to one per cent in a phased manner from 4 per cent and halve the commission for all other schemes under SAS to 0.5