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Wanted exclusive saving scheme for senior citizens
Latest data released by Reserve Bank of India RBI shows a sharp decline in small savings in first eight months of financial year 201718 when small savings schemes amounted to just rupees 40,429 crore, a sevenfold dip from Rs 2,75,682 crore in the corresponding period of the previous year Evidently it is at cost of more investment in mutualfund schemes where political and other factors can su
Latest data released by Reserve Bank of India (RBI) shows a sharp decline in small savings in first eight months of financial year 2017-18 when small savings schemes amounted to just rupees 40,429 crore, a seven-fold dip from Rs 2,75,682 crore in the corresponding period of the previous year. Evidently it is at cost of more investment in mutual-fund schemes where political and other factors can suddenly harm the investors like happened in investment in properties.
A sharp decline in interest-rate was anticipated post-demonetisation when Jeevan Akshay pension-plan of LIC of India for the reason witnessed maximum investment in that period. But with currency-circulation crossing what it was before demonetisation, reduced interest-rate in government savings-schemes should be restored with total overhaul, rationalisation and simplification.
An exclusive long-term government saving-scheme to be available in all branches of public-sector banks and post-offices should be introduced with annual interest-rate of eight percent where interest may be auto-credited for senior citizens on monthly basis. For others, auto-credit of interest may be on annual basis. Deposits under this scheme should be exempted under section 80-C of Income Tax Act.
Other savings-schemes and pension-plans including RBI-bonds, Senior Citizens Savings Scheme and Pradhan Mantr Vaya Vandana Yojna can then be discontinued. Other special savings-schemes like Public-Provident-Fund PPF should also attract eight-percent annual interest-rate. There must be uniformity in interest-rates for deposits and loans for all public-sector banks.
- Subhash Chandra Agrawal, Delhi
