Congressman Shiv Sena Priyanka Chaturvedi sought special interest rates for the elderly
New Delhi:
The leader of Shiv Sena, Priyanka Chaturvedi, urged Finance Minister Nirmala Sitharaman to introduce a special interest rate on fixed deposits for the elderly and also to remove the investment limit on the savings scheme. postal savings and public savings funds (PPF).
In a letter to the Finance Minister, lawmaker Shiv Sena from the Rajya Sabha said that low interest rates have hindered the savings of the elderly and left them with little room to plan for their future. me.
She added that the Coronavirus pandemic has put a lot of strain on their pension funds and therefore their concerns need to be addressed by budgeting them.
“The Union Budget provides the government with this opportunity to address these concerns and provide relief to the people of our country,” Ms. Chaturvedi said in the letter.
“Currently, interest rates are extremely low due to high inflation. Over the years, fixed deposit interest rates have dropped from 12% to 5%, postal savings deposits are down to around 7% with a cap of Rs 15 lakh for investments,” the letter said. write.
“In the case of PPF, it has an annual limit of Rs 1.5 lakh only. Furthermore, all of these PPF bans are taxable,” she said, and the rate cut has made it difficult for seniors and retired employees to earn enough to run their households. surname.
Ms. Chaturvedi asked Ms. Sitharaman to provide a special rate of interest on fixed deposits through the bank to avoid the worries of the elderly and retired people.
She also asked the finance minister to lift the cap on the postal savings scheme and the PPF to allow a steady source of income to be guaranteed for the elderly, keeping in mind the rising cost of living.
