Small savings in Himachal have dropped by over 14 per cent, probably due to the higher interest rate paid by the banks and strengthening of the network of public and private financial institutions in rural areas.

However, the hill State hopes to make up for the decline over the next few months as interest rates for small savings have been revised, said officials.

At a review meeting on Friday presided over by Anil Bhattacharya, Director of the National Saving Institute, it was disclosed that the State's saving schemes had mobilised Rs. 1979.88 crore till October 2011, against a collection of Rs. 2313.97 crore till October 2010.