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Cut in SB interest a blow

Kashmir Times. Dated: 8/10/2017 5:53:27 PM

Dear Editor,
The interest rate cut in savings bank account by State Bank of India is a big blow for senior citizens as mostly they keep a sizeable amount of their savings in Savings Bank accounts obviously to meet their daily expenses and easy to operate savings bank accounts rather than other modes of banking transactions. Frequently small savings schemes and PPF etc. -a cut in interest rates is now a routine affair by the government which too hits the common man, especially senior citizens.
With changed times and continuing inflationary trend, the worth of the rupee is falling daily. Since the share market is not for the common man and especially senior citizens, the safest mode in investment is Savings Bank accounts, Bank Fixed deposits and small Savings Schemes and, PPF. Already, their interest rates are low now as compared to a few years earlier. Instead, a much higher rate, say of say at 9% in savings bank accounts of senior citizens be offered or equivalent to Fixed Deposits with banks rates, the banks are cutting it to lowest levels.
—Mahesh Kapasi
B-49, Gulmohar Park,
New Delhi