Small savings schemes are hogging headlines. Why? Because the government on March 31 announced sharp rate cuts across these schemes only to reverse its decision the next day. But what are these schemes? Small savings schemes cover seven instruments, including savings deposits, Kisan Vikas Patra and senior citizen savings schemes. Of these, public provident fund (PPF) is the most popular. According to a 2017-18 report on small savings collections, PPF had the highest share in net collections during the year, at 43.87 percent, followed by Senior Citizens' Savings Scheme Account at 19.73 percent. In the current low interest rate environment, these schemes are indeed attractive.