Friday, February 15, 2013

MOF takes away 1/2 percent extra on FD for senior citizens

I urge you to copy this letter on your letterhead and send it by speed post or fax most urgently. Emails are not looked into.


Shri. P Chidambaram
Hon'ble Finance Minister of India
North Block
New Delhi 


The Business Standard of February 1, 2013 carries a shocking story that your Ministry has instructed the nationalized banks to reduce the additional rate of interest paid to Senior Citizens on their Fixed Deposits, ostensibly to reduce the cost of funds. This, if true, will cause severe hardship to Senior Citizens as most of them depend wholly or substantially on the return from such deposits. In fact, we have been agitating for an increase from the current average 0.5% to at least 2% higher interest to be paid to Senior Citizens on their savings.

We get an impression that even this small facility is being withdrawn because Senior Citizens are considered to be  a soft target without any organized voice.

It may be appreciated that many of us are products of the low cost economy era when the earnings were much lower and the savings meagre. With galloping inflation we find bare survival on poor returns from these savings a veritable challenge. Even pensioners have to supplement their pensions with the return on their savings. In the absence of any link with increasing cost of living, reduction in the return on savings is a matter of great anxiety to the entire elderly community which is now around 17% of the electorate..

We request you, Sir, to withdraw the directive issued by you in this regard.


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

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