Tag: Small savings schemes

Ahamed Hassan speaks on the reduction of interest rates in small savings schemes

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Sir, the government has reduced the interest rates for small savings schemes by 10 basic points for the second quarter of this financial year. The government intends to match the sustaining interest rate in the banking sector since the Reserve Bank of India cut its benchmark policy rate thrice during the year. 

However, the government has lowered the interest rates on small savings for the first time in 2019, which will fetch lower returns to the savers barring interest on savings deposit have been at four percent while the rates from term deposits, public provident funds, national saving certificates and even the girl child scheme, ‘Sukanya Samridhi’ have been cut. Also, the maturity period of the ‘Kisan Vikaspatra’ has been raised by a month. 

Sir, moreover, the government has been systematically reducing the interest rates in small saving schemes over the past five years which has hurt the common people, especially the elderly who depend on the interest rates for their sustenance. It has also lead to the depletion of savings of the people. 

Sir, we implore the government to look towards the welfare of the common man who are already burdened with high taxation and compliance issues who will now suffer further from their savings being drained. Sir, we ask the government to sustain interest rates on small saving schemes aimed at aiding financial equity among the people of the country.

Thank you.

 

Saugata Roy speaks on the issue of interest rate cut in small savings schemes

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Madam, I want to speak on a very important issue affecting millions of people of the country. Recently, the interest rates on major saving schemes like the Public Provident Fund, Kisan Vikas Patra, Sukanya Samriddhi and Senior Citizen Saving Scheme were cut by 10 basis points.

As a result the interest rate for PPF has come down to 7.9% from 8%. And for savings scheme for senior citizens interest rate has come down to 8.4% from 8.55%. This is a big hit on the middle classes. This is the lowest interest rate in post office base savings in 40 years.

Last time the interest was reduced in October, 2016 and they are supposed to be reviewed every three months. According to the statistics given by savings institutes in November, 2015, total small savings in the country was 49.51 thousand crore.

The people who trusted the post office have been betrayed by the Central Government. Mainly salary earners from middle and lower middle class families and retired persons keep their money in post office. Many people run their families from monthly income schemes.

Government has not reduced the interest on post office savings bank. But because of cut on these small savings interest rates, now commercial and nationalised banks will reduce interest rates. As a result people will gravitate towards chit funds for higher interest and thus be duped. If banks reduce interest rate then they will able to give money to big borrowers at a cheaper rate. So while middle classes would suffer, big businesses will benefit.

Madam I demand that the cuts in interest rate be withdrawn. Our party has demonstrated in front of Gandhi statue in Parliament on this issue in the morning.

Thank you.

 

Trinamool MPs protest outside Parliament against interest cut in small savings schemes

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Trinamool Congress today held a dharna in front of Mahatma Gandhi’s statue in the Parliament complex, protesting against the slashing of interest rates on PPF and other small savings schemes.

Party MPs from both the Houses were present, raising slogans against the Centre’s move that would hurt the common people while no action was  being taken against defaulters of NPA. The MPs demanded withdrawal of interest cut in small saving schemes by the Centre. Saugata Roy raised the issue during Zero Hour in Lok Sabha.

Bengal CM had earlier attacked the Centre on this issue and said this decision would lead to the mushrooming of chit funds. Trinamool had organised a rally against the Centre in Kolkata on April 3, 2017, on the same issue.

 

স্বল্প সঞ্চয় প্রকল্পে সুদের হার কমানোর প্রতিবাদে সংসদে ধর্ণা তৃণমূলের

স্বল্প সঞ্চয় প্রকল্পে সুদের হার কমানোর প্রতিবাদে সংসদে ধর্ণা দিলেন তৃণমূলের সাংসদরা। কেন্দ্রের এই জনবিরোধী নীতির বিরুদ্ধে বিভিন্ন স্লোগানের মাধ্যমে সরব হন তারা।

সাংসদরা বলেন সাধারণ মানুষের সঞ্চয়ে সুদের হার কমানো হচ্ছে কিন্তু ব্যাঙ্কগুলির নন-পেয়িং অ্যাসেট নিয়ে কোনো পদক্ষেপ নেই কেন্দ্রের। তারা দাবি জানান অবিলম্বে স্বল্প সঞ্চয় প্রকল্পে সুদের হার কমানোর সিদ্ধান্ত প্রত্যাহার করুক কেন্দ্র।

এর আগে বাংলার মুখ্যমন্ত্রী এই ইস্যুতে কেন্দ্রকে আক্রমণ করে বলেন যে এই সিদ্ধান্তের ফলে চিট ফান্ডের বাড়বাড়ন্ত হবে। ৩রা এপ্রিল এই ইস্যুতে কলকাতার বুকে এক মহামিছিল করে তৃণমূল।