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Shiv Sena MP Urges Financing Minister To Repair Special Rates Of Interest For Senior People

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Shiv Sena MP Priyanka Chaturvedi has sought unique rates of interest for senior citizensNew Delhi: Shiv Sena leader Priyanka Chaturvedi has advised finance minister Nirmala Sitharaman to provide an unique interest rate on fixed deposits for seniors and also to get rid of the cap on financial investments in postal cost savings scheme and public provident fund (PPF).

In a letter to the finance minister, the Shiv Sena legislator from Rajya Sabha said that low rates of interest have obstructed the cost savings of seniors and have left them with little space to prepare for their future.She added that the Coronavirus pandemic has put a lot of stress on their retirement funds and therefore their concerns need to be resolved by providing relief in the budget plan.

The Union Budget plan provides the government this opportunity to fix these concerns and offer relief to individuals of our nation, Ms Chaturvedi said in the letter.

Currently, rates of interest are exceptionally low thinking about the high inflation.

Interest rates in fixed deposits over the years has actually come down from 12 percent to 5 percent, post offices cost savings have actually come down to around seven per cent with a cap of Rs 15 lakh on investments, the letter said.

In case of PPF, it has a cap of Rs 1.5 lakh just annually.

Further, all of these barring the PPF are taxable, she stated, adding lowering of rate of interest has actually made it difficult for elderly people and retired workers to have sufficient earnings to run their households.Ms Chaturvedi asked Ms Sitharaman to offer a special rate of interest on bank fixed deposits keeping the issues of seniors and retired persons.She likewise requested the financing minister to get rid of the cap on post workplace savings scheme and PPF to allow a constant source of secure earnings to senior citizens bearing in mind the increasing cost of living.




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