Gradual reduction in the interest rates of small saving schemes, the mainstay of retiring employees, was brought into focus in the Lok Sabha by Congress leader Adhir Ranjan Chowdhury who hit out at the Modi Government for giving lip service to the cause of the common man.
The Congress leader, who raised the issue in the zero hour, accused the BJP Government of being “anti-common man”.
Chowdhury read out the comparative list of post office schemes including senior citizen saving schemes and Public provident fund with high interest rates prevailing during the UPA regime and the reduced ones under the Modi Government.
He said the interest rate of small savings schemes was “very important” for the common man but the government reduced it without taking care of the interest of people.
The Central Government had said last week that interest rates on small savings schemes will be further reduced by 10 basis points (bps) for the July-September quarter. Post office senior citizens saving scheme carries interest rate of 8.7 per cent now which was 9.2 per cent during UPA’s time.
Congress has been demanding a reversal of the reduction in the interest rates.During the Congress-led UPA Government, interest rates on two-year deposit scheme, five-year deposit scheme, public provident fund and senior citizens’ saving scheme were 8.4, 8.5, 8.7 and 9.2 per cent, respectively. The rates for these schemes came down drastically under the BJP rule at 6.9, 7.7, 7.9 and 8.6 per cents respectively, the Congress has said.