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- Mumbai
- Mumbai, Maharashtra, India
Please change the name of Senior Citizens Savings Scheme 2004 to Senior Citizens Welfare Scheme 2021. The SCSS scheme was started by government in 2004 to provide a regular income stream to senior citizens who do not get pension as a Welfare Scheme at 9% interest rate. The interest income was taxable and maximum amount of deposit was 15 Lakh Rupees. The interest rate was to remain constant and could be increased as was increased to 9.3% in April 2015 after 11 years.
Unfortunately the scheme was considered as small savings scheme under NDA government and the interest rate was drastically reduced to 8.3% in July 2015 and further reduced to 7.4% in 2020. It was reduced further to 6.5% but the order was withdrawn next day because of West Bengal Election.
To cite an example a deposit of Rs.20 Lakhs was getting a senior citizen Rs. 186000/- per year in April 2015. It was reduced to Rs.166000/- in July 2015 and to Rs.148000/- now. On the other hand prices of all essential commodities, medicines and healthcare have increased tremendously. Therefore a senior citizen who served the Nation for 35 to 40 years paid all taxes and contributed to Nation Building is being punished in his sunset years after retirement.
Unfortunately the scheme was considered as small savings scheme under NDA government and the interest rate was drastically reduced to 8.3% in July 2015 and further reduced to 7.4% in 2020. It was reduced further to 6.5% but the order was withdrawn next day because of West Bengal Election.
To cite an example a deposit of Rs.20 Lakhs was getting a senior citizen Rs. 186000/- per year in April 2015. It was reduced to Rs.166000/- in July 2015 and to Rs.148000/- now. On the other hand prices of all essential commodities, medicines and healthcare have increased tremendously. Therefore a senior citizen who served the Nation for 35 to 40 years paid all taxes and contributed to Nation Building is being punished in his sunset years after retirement.
Jul 13
With introduction of net banking, credit and debit cards, need to visit banks has become very less. If one has stremlined his requirements, he need not visit the branch for months at a stretch.
May 19
Banks are not passing on benefit of lower interest rates and lower collateral to MSME. RBI not acting against such banks.
May 19
The officers of the RBI are good people but are without teeth! So who rules the banking world? It is SBI, the CEO and its executives. My son in law's father had a large amount in a SBI FD. The father died and they did not inform the widow that the FD ends the day he dies, so they kept giving her the interest. The nominee on the FD was my son in law in the US. He cannot come down as his residency status is being processed. The SBI would not allow the money to the transferred to his own bank account which he has held for several years. They insisted that he open an account with SBI New York which is 2000 kms from where he lives. He opened that account but they would not believe their own employees that he had opened a genuine account and made him go all the way to New York with his family to get their forms stamped. The RBI official told me that he could opt for any bank but SBI just would not allow the same and RBI could do nothing in the matter. Even the CEO did not interfere although he was written to in this case. Hence I rest my case. Such a terrible system. So who is the boss???? SBI and not RBI
Mar 11
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