Sir,
The recent move by the Finance Minister of merging 27 nationalised banks to 12 appears to be more focused on improving their efficiency besides making them financially healthier.
The Senior Citizens’ Savings Scheme also needs scrutiny as the existing rules forbid transfer of deposits from one bank to another.
The senior citizens who avail this facility should be allowed to exercise their option of transfer at their convenience.
Besides, the quarterly interest credit could be made monthly.
This will go a long way in helping the senior citizens with their investment with Central Government schemes. Trust this suggestion will receive the attention of the authorities concerned.
K Ravi, E-237, GGP Colony, Bhubaneswar-751025, Mob: 9437616497