Case for higher differential rates for elders' savings

April 25, 2023 Case for higher differential rates for elders' savings The periodic revision in the interest rates for Small Savings Schemes including PPF keep in view the changes in the global interest rates. One aspect that goes unnoticed is that the bulk of the investments in these schemes are from the retirement savings of senior citizens who are dependent on the interest income for their survival. Post-deregulation of interest rates, this unorganised neglected category of savers in India whose voice is feeble are silently suffering. Pre-deregulation, investment in Small Savings instruments earned double digit annual returns. Many invested their retirement benefits in long-term deposits with banks and post offices without any suspicion about the subsequent developments. Now the survivors are getting half the return on their investments which have been further reduced in value thanks to unbridled inflation. Perhaps, GOI need to think in terms of partly insulating such savings from further depletion by offering a reasonably high differential rates for senior citizens' deposits in small savings instruments including PPF. This will even reduce the burden on social security expenditure for taxpayers. M G Warrier Mumbai

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