SBI reduced Saving Bank interest to 3% and Fixed Deposite Rates to 5.9%

It seems the government has no control over Public Sector Banks whereas the State Bank of India has reduced the Savings Bank rate to 3% and Fixed Deposit rate to 5.9% for 1 year and above Fixed Deposit in order to reduce the lending rates for Home Buyers whereas 40% of members in local circle survey keep the the money in Fixed Deposits. In these highly inflation environment whereas the senior citizens are dependent on the interest received from fixed deposits are from hand to mouth. It will be appreciated the government should control the functioning of public sector banksto save the livelihood of common man. more

Helpful Connected Consumers Mar 12

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R V K BABU

To increase investments in business/ shares/ Mutual funds, they are reducing interest/ returns on Fixed deposits. Those who are in the age of earning may have the risk taking capacity, but the already retired people may/can not take risk. They need govt support for their respectable earnings at this age. There should be special deposit schemes to enable them earn respectful amount. In the present conditions nuclear families are increasing and children are not staying with parents. TO LEAD RESPECTFUL LIFE REASONABLE EARNINGS A MUST. IF NOT GOVT WHO WILL HELP. more

Apr 03

Darshan Lal

Senior Citizens who are paying Income Tax are not entitled to subsidy given by govt. on LPG Cylinder. more

Mar 20

H.P. Gurg

Even Vaya Vrudh Yojna for Senior Citizens is ending on 31st March 2020.Govt should extend it so that Senior Citizens can invest in it.Similarly amount limit for SCSS should be increased from 15 Lakh to say 25 Lakh.This will be helpful for Senior Citizens who do not get any Pension and Medical Benefits.As such Mutual fund dividend is being taxed and return on mutual fund has also reduced.Also Govt should give some type of Pension to Senior Citizens who have paid Income tax for more then 20-25 years of their working life. more

Mar 20

Sharad Kant

Yes, it is difficult time for senior citizens having NO pension, NO medical facility and living on interest on FDs/SCSS etc . All financial planning of educated senior citizens have fallen flat due to reducing of interest rate from 12% over a decade back to 6.0 to 6.9% today. Cash flow from interest is highly inadequate to meet monthly expenses which include medical bills... I don't know where to raise our voice...... more

Mar 14

Gopabandhu Mohapatra

Days are not far off, when the Banks will ask charges for keeping the money safe. more

Mar 13

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