Thursday, March 8, 2012

Interest on FDs to SCAs

Dear Friends

You know that may banks offer higher rates of interest to Fixed Deposits held by senor citizens. However deposits made by senior citizens associations and trusts wholly meant and managed by senior citizens do not enjoy any such privilege of higher rates of interest.

For example in Association of Senior Citizens Hyderabad all members are senior citizens. Donations to the association are done by senior citizens. Any amount kept in FD by this association will benefit group of senior citizens. Therefore does it not stand to reason that banks offer same rate of interest given to individual senior citizens to such recognized registered groups like SCAs?

Such a provision will get better deposits as SCA as a group will have more funds at its disposal than individuals. What is your view? How and who do we approach for a change in Bank policy or Rules?

Dr P Vyasamoorthy, 30 Gruhalakshmi Colony Secunderabad 500015 Ph 040-27846631 / 9490804278. 

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