Tuesday, March 22, 2016

Campaign against lowering interest on small savings

Campaign against lowering interest on small savings

The reduction in interest rates  seems to be inevitable. It will be a major blow to senior citizens. The Government seems to be indifferent to the plight of the 10 crore senior citizens in the Country. They do not realize that most of the senior citizens survive on the return they get on their small savings deposited  in Banks. With galloping cost of living and dwindling income on their deposits survival for most has already become a challenge, further reduction in interest rate will only add to their misery.

The issue has not yet been finally decided, I suggest that we flood the MOF(smn.dash@nic.in) with our mails protesting against this move, copying it to PMO (indiaportal@nic.in) and MOSJE (secywel@nic.in).  When mass protest could recently work in case of EPF & jewellers, there is every possibility that it may have some effect in this case also  

I am giving in the following a suggested draft of the above mail. Pl. transfer it on your letterhead and scan it  to above or otherwise send simple mail mentioning name of your Organization. Pl. mark it as URGENT.


Hon'ble Sri Arun Jaitley,
Union Minister of Finance,
Govt. of India,
134 North Block,
New Delhi – 110001

Subject – Slashing of interest rates on small savings of senior citizens

Respected Sir,

It seems that reduction of interest rates on deposits is inevitable. If that is  so we request you to kindly spare the senior citizens from this move. There are now around 10 crore senior citizens in the Country most of whom survive on the interest income from their small savings in Banks. These days their mere survival has become a challenge with dwindling interest income and galloping inflation.  Further reduction in interest rates, as proposed, will only add to their misery. It is a rude shock.

We therefore, humbly request you to kindly spare the deposits belonging to senior citizens from any further reduction in the interest rate. For the last many years we have been demanding 2% higher interest on our deposits which was never granted. We now only request you, at least not to add to our problems of old age by axing our existing inadequate income by further reducing interest rate on our savings.

We hope you will consider our request sympathetically specially because we are a segment of society which is highly vulnerable to such economic pressures.

With best regards,
Yours respectfully, 

No comments:

Post a Comment