ANI
23 Jan 2022, 20:18 GMT+10
Mumbai (Maharashtra) [India], January 23 (ANI): Rajya Sabha MP Priyanka Chaturvedi on Sunday informed that she has written a letter to Union Finance Minister Nirmala Sitharaman raising concern over consistent fall in interest rates in small savings schemes that have affected senior citizens the most as they depend on such schemes for their basic needs and survival.
Earlier on Friday, Chaturvedi in his letter said, "The consistent fall in interest rates in small savings schemes such as Public Provident Fund (PPF), Senior Citizen Savings Scheme (SCSS), National Savings Certificate (NSC) and Post Office Savings Scheme has most affected senior citizens as they depend on such schemes for their basic needs and survival."Currently, interest rates are extremely low considering the high inflation. Interest in fixed deposits over the years has come down from 12 per cent to 5 per cent, she explained.
Post offices savings have come down to around 7 per cent with a cap of 15 lakhs on investment. In the case of PPF, it has a cap of 1.5 lakh only annually. Further, all of these ring PPF are taxable, the letter read.
"Lower interest has made it difficult for senior citizens and retired employees to have sufficient income to run their households," she said.
Chaturvedi further in the letter said the lower interest rate leaves them with a lower retirement fund and regular income. The pandemic also has put a severe strain on the pockets of the public and disrupted the savings plan. Therefore, it becomes the duty of the government to ensure that the burden is not transmitted to the public, especially senior citizens which constitute about 140 million of the country's population.
"I request you to kindly consider and Provide a special rate of interest on bank fixed deposits keeping the concerns of senior citizens and retired people in mind," the letter read.
"The Union budget offers the government this opportunity to resolve these concerns and provide relief to the people of our country," the letter added. (ANI)
Get a daily dose of Cardiff Star news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Cardiff Star.
More InformationLONDON, England: The UK's Telegraph newspaper has reported that Foreign Secretary Liz Truss has proposed that Britain send modern weaponry ...
LONDON, England: British consumers continued to shop as normal last month, despite the highest inflation rate in 40 years, with ...
LONDON, England: A review of UK grocery prices shows that hundreds of staple foods have increased in price by at ...
LONDON, England: UK prices are rising at their fastest rate in 40 years, as higher energy bills are changing spending ...
Chandigarh (Punjab) [India], May 26 (ANI): Punjab and the United Kingdom (UK) on Thursday agreed to collaborate in the areas ...
Moscow's increased activities in Africa might threaten NATO security, London and Madrid claimRussia's expanding presence on the African continent might ...
LONDON, England: The UK's Telegraph newspaper has reported that Foreign Secretary Liz Truss has proposed that Britain send modern weaponry ...
SHANGHAI, China: The central Shanghai district of Jingan, a key commercial area in China's financial hub, has announced that it ...
KYIV, Ukraine: Andrzej Duda, President of Poland, told lawmakers in Kyiv this week that Ukraine has the right to decide ...
SAN ANTONIO, Texas (ANI/Big News Network): The death toll in the mass shooting incident at a school in Texas now ...
LONDON, England: Citing a U.S. official, the Financial Times reported this week that during the Quad summit in Tokyo, the ...
ATHENS, Greece: In a significant move for Greece, which has intensified its campaign to bring back sculptures from its most ...