Senior citizens of the region have appealed to the Prime Minister and Finance Minister to enhance the interest rate on fix deposits and also the maximum limit on deposits so that they can lead a post retirement life without much hardship.
Bijay Kumar Mohanty, retired employee from Hindalco (erstwhile Indalco) Hirakud said,“The people who have retired from government services are getting a decent pension which is higher than even the salary of a fresher and much higher than the salary of employees working in private sectors. But pension for those having retired from private services is virtually non existent. Most of us depend on the interest from fixed deposits which is decreasing day by day.” Senior citizens of the country avail two kinds of fix deposits, namely, normal fix deposits in banks and LIC, and the senior citizen saving scheme. A ceiling has been fixed for Rs. 15 lakh only for each. But unfortunately, the rate of interest has been reduced to 8.7 percent per annum from 9.4 percent.
The result of this reduction is one can get a maximum income of approximately Rs. 10, 000 per month from 15 lakh deposit that is quite insufficient for managing the expenses of a family. They have also placed some suggestions to the Finance Minister like introduction of schemes like non government senior citizen saving scheme’ (NGSCSS) at 10 percent interest per annum and with maximum limit for Rs. 25 lakh per person.