PM announces new saving scheme for Senior Citizen FD on 31 December 2016

PM, Shri Narendra Modi has announced a new saving scheme for senior citizens in which interest of 8% for fixed deposits(FD) upto 7.5 lacs is secured to Senior Citizens of India and the interest can be withdrawn on a monthly basis(Rs 7.5 lakh tak ki raashi par 10 years tak ke liye salaana 8% ka interest rate surakshit kiya jayega). This is going to be a big relief to Senior Citizens and will help them in manage their savings. As a person grows old, his or her savings for existence becomes a major issue after retirement. Therefore,special attention is being given to this aspect.

In order to improve the standard of living of senior citizens, the government had earlier in October 2016 announced that it will soon come up with a national policy. The policy is expected to focus on providing benefits of health care and accommodation to the senior citizens.

A note in this regard has been prepared and it is understood that it will be taken up by the Cabinet soon. The note has been prepared by the Social Justice and Empowerment Ministry in consultation with various ministries and departments of the central government. The note has taken into consideration the changing demographic pattern, socio-economic needs of the senior citizens, social value system etc.

The existing National Policy on Older Persons, 1999 will be a base to this new policy on Senior Citizens. The major thrust of the policy is to make the society and its younger generation sensitive towards their elders and at the same time, involve them in taking care of them. According to the 2011 Census, the population of senior citizens in the country is 10.38 crore, which is about 8.6 per cent of the total population.

PM Modi also announced Rs 6000 maternity benefit for pregnant women to take care of their initial medical needs.

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  • There are other schemes for senior citizens. PO office savings scheme offers 8.6% pa for 6 years. Interest is quarterly.LIC Varisht Pension Yojna offers almost same. The scheme announced by PM Modi shall be attractive only if it s better like more interest, interest IT free, lock in period at the discretion of the depositor.
    It is also necessary to increase rate of interest to 9% pa for IT saving desposit scheme where senior citizen can deposit Rs.1.50 lakhs for five years. This shall promote saving habit and also have good money for banks.

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