Shiv Sena MP Urges Finance Minister To Fix Special Interest Rates For Senior Citizens

New Delhi: Shiv Sena chief Priyanka Chaturvedi has urged finance minister Nirmala Sitharaman to offer a particular rate of interest on fastened deposits for senior residents and in addition to take away the cap on investments in postal financial savings scheme and public provident fund (PPF).In a letter to the finance minister, the Shiv Sena lawmaker from Rajya Sabha mentioned that low rates of interest have hampered the financial savings of senior residents and have left them with little room to plan for his or her future.She added that the Coronavirus pandemic has put quite a lot of pressure on their retirement funds and subsequently their issues must be resolved by giving them aid within the funds.“The Union Budget offers the government this opportunity to resolve these concerns and provide relief to the people of our country,” Ms Chaturvedi mentioned within the letter.“Currently, interest rates are extremely low considering the high inflation. Interest rates in fixed deposits over the years has come down from 12 per cent to five per cent, post offices savings have come down to around seven per cent with a cap of Rs 15 lakh on investments,” the letter mentioned.“In case of PPF, it has a cap of Rs 1.5 lakh only annually. Further, all of these barring the PPF are taxable,” she mentioned, including decreasing of rates of interest has made it troublesome for senior residents and retired workers to have adequate earnings to run their households.Ms Chaturvedi requested Ms Sitharaman to offer a particular fee of curiosity on financial institution fastened deposits maintaining the issues of senior residents and retired individuals.She additionally requested the finance minister to take away the cap on put up workplace financial savings scheme and PPF to permit a gradual supply of safe earnings to senior residents maintaining in thoughts the rising price of residing.