“Please help senior citizens”
View(s):The Government’s recent reduction of interest rates for fixed deposits in banks and finance companies has placed the pensioners and senior citizens in a grave and sad situation. This is akin to an unfair salary cut. Many of the depositors in the National Savings Bank and finance companies are the poor middle class who have a few lakhs or a couple of millions invested to live on and who do not want to be a burden either to their children or to the government.
We remember some years ago the depositors were placed in a similar situation where the interest rates were drastically cut and you (as a minister) felt it was unfair by the senior citizens and issued a notice to banks and finance companies to pay an additional 2 per cent interest to senior citizens with arrears. That was a great relief.
Considering the present plight, we shall be very grateful if you will authorize a similar additional interest rate of 2 per cent on fixed deposits to senior citizens with effect from 15th May 2014.
Thank you and may God Bless you.
Senior Citizens
(via email)