Burre Din for 10 Crore Non Govt. Retirees
Small savings scheme rates cut by 10bps. The rate of interest for the third quarter for 5-Year Senior Citizens Savings Scheme and 5Year National Savings Certificate has been reduced to 8.5% and 8%, respectively . PPF will fetch interest rate of 8% in the third quarter of the current fiscal as against 8.1% in the previous three-months period. Interest rate on Kisan Vikas Patra has been brought down to 7.7% from 7.8%.
Government is only taking care of retired Babus by giving them a large increase in the Pension at regular intervals through Pay Commission. Whereas Retirees from Private Sector are given step motherly treatment by reducing the small savings schemes rate regularly every quarter. Senior Citizens who have retired from Private Sector have also made tremendous contribution to Nation's economy and deserve better treatment from Government.
Even the previous Govt. never reduced the rate of Senior Citizens Savings Scheme which was started @9% and increased to 9.3% and now reduced to 8.5% by the present Govt. Senior Citizens have to meet their day to day expenses from the interest income which is going down whereas prices of essential commodities are going up due to inflation and other factors.
This is an appeal to Prime Minister to issue instructions for revision of interest rate to 10% for Senior Citizens Savings Scheme. Since the maximum amount which could be invested is only Rs.15 Lakhs the Government can subsidise the differential in rate of 1.5% to Banks. This is the least Govt. can do for Senior Citizens who regularly paid income tax during their working life, to make their sunset years reasonably comfortable. more
Government is only taking care of retired Babus by giving them a large increase in the Pension at regular intervals through Pay Commission. Whereas Retirees from Private Sector are given step motherly treatment by reducing the small savings schemes rate regularly every quarter. Senior Citizens who have retired from Private Sector have also made tremendous contribution to Nation's economy and deserve better treatment from Government.
Even the previous Govt. never reduced the rate of Senior Citizens Savings Scheme which was started @9% and increased to 9.3% and now reduced to 8.5% by the present Govt. Senior Citizens have to meet their day to day expenses from the interest income which is going down whereas prices of essential commodities are going up due to inflation and other factors.
This is an appeal to Prime Minister to issue instructions for revision of interest rate to 10% for Senior Citizens Savings Scheme. Since the maximum amount which could be invested is only Rs.15 Lakhs the Government can subsidise the differential in rate of 1.5% to Banks. This is the least Govt. can do for Senior Citizens who regularly paid income tax during their working life, to make their sunset years reasonably comfortable. more
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