Shiv Sena MP Seeks Special Interest Rates For Senior Citizens

Date:

  • A letter has been written up to the finance minister by the Shiv Sena leader Priyanka Chaturvedi for fixing a particular interest rate for the older people and the retired ones, as they depend upon their fixed incomes for running their households in these challenging times of Covid crisis.
  • The leader hopes and mentions all the senior citizens’ issues concerning lowering the interest rates, which she has already urged to fix.

The Shiv Sena leader Priyanka Chaturvedi has urged the finance minter Nirmala Sitharaman to fix special interests rates for the senior citizens.

As per the research in the finance sector, we would take note that the interest rates are meagre, taking into the message the high inflation. Moreover, as an update, the fixed deposits have come down from 12 to 5 per cent over the years. Similarly, for the post office also it has come down to 7 per cent.

In her letter to the finance minister urging her to fix special interest rates, she specifies that lower interest rates on savings schemes have left many senior citizens with a lower rate of retirement funds, and thereby it puts a severe strain on their pockets, speaking because of the current situation of covid.

In her letter, she mentions that the Union budget offers the government the opportunity to resolve the concerns of all the senior citizens and provide them with all the required necessities that they demand with context to fixing up special interest rates for them.

At present, the interest rates are running at a shallow rate, and their up-gradation is our foremost priority for the old aged people, as they are not in that state of running to the banks or post offices for all these kinds of stuff keeping in mind their age bracket.

The shiv sena leader also urged her request to the finance minister in her letter to make things less difficult for the senior citizens or the retired ones and to remove the cap on post office saving scheme to allow a steady source of secure income to the elderly ones, keeping in mind the cost of living always rising on an exponential level.

She also mentioned in her letter that her urge for demanding a particular interest rate is justified and should be fulfilled to make the lives of all the older people easygoing and less stressful.

She also specified that the issue of low-interest rates on small savings schemes, national savings schemes and the elderly or senior citizens saving plan is generally low and must be fixed up, as the senior citizens themselves have raised all these reports and issues.

Thus, it is essential for us to listen up to their demands to make the situation less problematic for them. Having a decent interest rate is essential, as not everyone has the desired courage or the appetite for equity.

The senior citizens or the retired ones are the sole people who depend upon fixed incomes to run their daily household works, so in such a situation with low-interest rates, it can become difficult to manage up with the things, especially in this ongoing situation of covid crisis, wherein things have to be managed out well as the problem is not what previously it was when things were under the bracket of normalised ones.


Published By – Vanshu Mehra

Edited By – Subbuthai Padma

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