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Wednesday, October 7, 2015

Senior Citizens Interest Rate Safe

NEW DELHI:  With most banks showing reluctance to reduce their deposit rates as it faces stiff competition from the mass popular small savings schemes, the Finance Ministry on Monday said that the government will keep in mind the interest of senior citizens and girl child while reviewing the small deposit schemes as well.

“The interest of small savers, the interest of senior citizens, interest of girl child scheme, all these aspects will be taken into account. Social security component of small savings schemes is very important and government will keep that in mind,” Economic Affairs Secretary Shaktikanta Das said.

The Finance Ministry last week said it would review the small savings schemes. There has been a call from bankers to lower interest rate on small savings as a high rate on such schemes run by the government makes fixed deposits of banks uncompetitive.

Smalls saving schemes include Post Office Monthly Income Scheme, PPF, Post Office Time Deposit Scheme, Senior Citizen’s Savings Scheme, Post Office Savings Account, and Sukanya Samriddhi Accounts.

With the RBI reducing its key rate forcing banks to cut its deposit rates by bank, the small saving deposits continue to command an interest rate of 8.4 to 9.3 per cent.

Source: http://www.newindianexpress.com/business/news/Senior-Citizens-Interest-Rate-Safe/2015/10/06/article3064690.ece 

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