By Lambodar Mishra*
I am a senior citizen and had deposited ₹ 20 lakh in a nationalized bank for 5 years on 01 Aug 2012.
I was being paid ₹17676.00 interest amount every month to be able to live a worry free life financially.
On maturity date when the bank reinvested the amount, now I am getting only ₹10416 interest i.e. ₹7260 less per month. Which is being paid at the rate of 40% less on the previous return.
Can you advise me why should I take this loss or give up my medicines, flour, pulses, vegetables, fruits, milk etc.?
After assuming power in 2014, nothing has been done and no facilities have been provided for senior citizens. But what existed in 2014 was also withdrawn.
No goods or services are available due to inflation at the year 2014 price.
Yes, you have been able to get data on inflation and indices, but not on actual prices.
The essential items of daily life are flour, pulses, rice, salt, gram flour, onion, tomato, green vegetables etc. The senior citizen is not even able to dare to use the items properly.
I know you have answers for these issues like interest on deposits/advances in banks is demand and supply dependent. The prices of commodities of daily use vary with the seasons of agricultural products.
But the sharp upward movement of prices cannot be justified for these reasons.
If the government wants to provide cheap credit to the industries, definitely do it. But not at the cost of interest on seniors’ deposits.
Banks are sitting on a volcano of NPAs and all good money is being diverted to bad money.
But is it not the duty of the government to enable the senior citizens to lead a dignified life who have spent thousands of days/30-40 years of their golden life by working in various organizations in the service of the nation?
I don’t understand how to make up for this 40% income gap when inflation has gone up by more than 200%.
Is any Central and State Government Minister / MP / MLA ready to cut his salary and allowances from this percentage? If not, then why should only senior citizens bear it.
Maybe it is because like you we do not have the power to revise our own pay perks and perks from time to time. Salary allowances etc. are given for the whole year for working in a session of only 3 months in a whole year.
When it comes to increasing your salary, pass it in a minute or 2 without any discussion, all ruling and opposition together.
For this growth, you don’t look at treasury, deficit, economics and any other factors.
The government had earlier introduced a scheme for senior citizens deposits of 9.20% but it was reduced to 8.3% in July, and then reduced to 7.4% in May 2020. Further, the maximum limit for deposits has been raised to Rs 15 lakh only. which is unfair.
It is requested that the minimum interest rate for senior citizens be 12% and the maximum amount limit should be equal to the terminal benefits of an individual.
The government should ensure financial respect to senior citizens.
I am sure you must understand the plight of those people who get part of their current expenditure from the interest of their lifetime savings.
I’m sorry if I offended you in any way!!!
Thanks and Regards
Dedicated To All Indian Senior Citizens….
*Retired Punjab National Bank Employee. Source: Facebook timeline