7.75% RBI bonds discontinued
Scrapping of 7.75% savings bonds to hit retirees from private sector savers who do not get pension, and depend on interest income for their daily expenses on essential items and health care.
THEGOVERNMENT’S decision to discontinue the 7.75 per cent Savings (Taxable) Bonds, 2018 from Thursday has come as a blow to Senior Citizens & Divyangjans at a time when their returns from bank deposits and SCSS 2004 have fallen steeply following a series of cut in deposit rates by the banks and reduction in small savings rate by the government over last couple of months.
The government has dealt another blow to citizens who save, especially senior citizens. “Effectively, after tax, the bond will yield only 4.4 percent. That is now taken away .Why?
The rate of interest of Senior Citizens Savings Scheme (SCSS) 2004 has been lowered to 7.1%. This scheme was started by government in 2004 as a welfare scheme for retirees from private sector who do not get pension. The interest rate was 9% and interest income is taxable. Maximum investment per individual allowed is Rs.15 Lakhs. This interest rate was to be constant and not linked to other small savings. The interest rate was increased to 9.3% in April 2015 after 11 years.
It was reduced by BJP govt in July 2015 to 8.3% hurting crores of senior citizens who were depending on this welfare scheme. Now interest rate if 7.1% which is like driving a last nail in the coffin.
This is in contrast to BJP Manifesto wherein it was mentioned that govt will improve living conditions of senior citizens and Divyangjans. But exactly opposite has been done.
Request Local Circles to bring the suffering of senior citizens and Divyangjans to concerned Minister and advise him to restore the rate of interest of SCSS to 9.3% and consider increasing it to 10%. more
THEGOVERNMENT’S decision to discontinue the 7.75 per cent Savings (Taxable) Bonds, 2018 from Thursday has come as a blow to Senior Citizens & Divyangjans at a time when their returns from bank deposits and SCSS 2004 have fallen steeply following a series of cut in deposit rates by the banks and reduction in small savings rate by the government over last couple of months.
The government has dealt another blow to citizens who save, especially senior citizens. “Effectively, after tax, the bond will yield only 4.4 percent. That is now taken away .Why?
The rate of interest of Senior Citizens Savings Scheme (SCSS) 2004 has been lowered to 7.1%. This scheme was started by government in 2004 as a welfare scheme for retirees from private sector who do not get pension. The interest rate was 9% and interest income is taxable. Maximum investment per individual allowed is Rs.15 Lakhs. This interest rate was to be constant and not linked to other small savings. The interest rate was increased to 9.3% in April 2015 after 11 years.
It was reduced by BJP govt in July 2015 to 8.3% hurting crores of senior citizens who were depending on this welfare scheme. Now interest rate if 7.1% which is like driving a last nail in the coffin.
This is in contrast to BJP Manifesto wherein it was mentioned that govt will improve living conditions of senior citizens and Divyangjans. But exactly opposite has been done.
Request Local Circles to bring the suffering of senior citizens and Divyangjans to concerned Minister and advise him to restore the rate of interest of SCSS to 9.3% and consider increasing it to 10%. more
Viewed by 30
Lowering of bank rates will only help those who take loans with NO intention of paying it back. Senior citizens without pension are a really sorry lot and the government is least bothered about their wellbeing. Perhaps their intention is that only the useless elected representatives and government servants should flourish by doling fat salaries and fatter pensions to themselves. The rest may go to hell by whatever means they choose; starvation, suicide, COVID and what not. more
Jun 01
A POINT OF ORDER, PLEASE! Attn: Mohit Pandejee. Banks and Governments favor the Citizens of India without selfishness by providing Nomination Facility so that the eventual death of original depositors renders the Nominees into eligible recipients who are without having ever been able to save in their lifetime. Should not the senior citizens express gratitude to Banks & Governments for the provision of the Nomination Facility? Suppose, tomorrow, Banks & Governments do away with the Nomination Facility, on the basis of Self-reliant Citizens (Atmanirbhar Bharatiyans), nothing can be done by the people. more
May 30
In general, Discontinue of 7.75% RBI Bonds is purposed for promotional Investment and NOT PURPOSED TO HIT Dr Citizens . Present Time need to increase Investments on Productive and Manufacturing Economic Activities Diversifying from simple Interest baring Deposits AND IS PURPOSED TO PROVE PEOPLE'S AS WELL AS COUNTRY'S ECONOMY . more
May 30
