FD 1.5M RS. AT 15% INTEREST FOR SENIOR CITIZENS

worthiness · 1 FD 1.5M RS. AT 15% INTEREST FOR SENIOR CITIZENS Wed Jan 13, 2016 10:59 am

worthiness

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Budget proposal to increase the one year fixed deposit amount of Rs.1 m to Rs.1.5 at the rate of 15% per year under senior citizen scheme, not yet implemented. Both public & private banks state that no directive yet received from central bank.

Consequently, many senior citizens whose deposits got matured from January onward are frustrated in waiting for instruction from authorities to renew their deposits at the higher amount.Bank staff is facing real difficulty in response to a large number of queries daily from irritated customers.

This is another lacking part of communication channel among financial institutions.

dennam jambu · 2 Re: FD 1.5M RS. AT 15% INTEREST FOR SENIOR CITIZENS Wed Jan 13, 2016 1:54 pm

dennam jambu

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this also like the previous budget proposal regarding duty free car permits for expat workers .never implemented. so many such broken promises even after approving budget with 2/3 majority.

hettdas · 3 Re: FD 1.5M RS. AT 15% INTEREST FOR SENIOR CITIZENS Wed Jan 13, 2016 2:12 pm

hettdas

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Banks still charge 2.5% from interest earned. But in the budget proposals they said they have removed it from 1st January 2016. But bank people say they have not yet received circulars.

dimuthubasd · 4 Re: FD 1.5M RS. AT 15% INTEREST FOR SENIOR CITIZENS Wed Jan 13, 2016 4:05 pm

dimuthubasd

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When I asked from several banks about this scheme that say that they haven't received the circular yet. Its the reason I think. But I know that lot of people age above 55 waiting for this 15% increase. From where they get this circulars. (central bank or any other institution)

Chinwi · 5 Re: FD 1.5M RS. AT 15% INTEREST FOR SENIOR CITIZENS Wed Jan 13, 2016 6:40 pm

Chinwi

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dimuthubasd wrote:When I asked from several banks about this scheme that say that they haven't received the circular yet. Its the reason I think. But I know that lot of people age above 55 waiting for this 15% increase. From where they get this circulars. (central bank or any other institution)

As per our banks, they await clearance to increase it to 1.5m from 1.0m but at the same time the age barrier will also be increased to 60 from 55 as per budget directives. They say it is mentioned in the budget text. If that is correct then no one below 60 can get it.