Respecte
P CHIDAMBARAM
Subject:
Rate of interest on Senior Citizens Saving Scheme
With public sector banks paying as much as 10 percent (9%plus1%for senior citizens) on term deposits of 3 years, compounded quarterly (amounting to 10.3% effectively), payment of 9 percent on deposits under Senior Citizens Saving Scheme, having a longer lock in period, seems anamolous. Interest on SCSS must be increased to 11 percent or more.
Yours Sincerely,
M. K. Khanijo
India
2007-03-01
Budget 2006