RS MP condemns cut in small saving schemes interest rates

New Delhi, May 5: Condemning government's decision to slash interest rate on small saving schemes, a TMC member in Rajya Sabha today said the move will adversely impact senior citizens as well as small girls.

During the Zero Hour, Vivek Gupta (TMC) said the Finance Ministry has cut the interest rates on small saving schemes which will severely impact retired and senior citizens and goes against the government's call 'Sabka Saath, Sabka Vikas'.

Small saving:RS MP condemns interest cut

"I want to ask the government, has the price rise stopped that you are depriving the poor from getting more out of their savings. What are you going to do to compensate them," he asked. He said the government spoke about its commitment towards the girl child but has cut the interest rate on Sukanya Samridhi Yojna from 9.3 per cent to 8.6 per cent.

In March, the government slashed interest rates on small savings schemes, including PPF, Kisan Vikas Patra (KVP) and senior citizen deposits, to make them more market aligned.

Interest rate on Public Provident Fund (PPF) scheme was cut to 8.1 per cent for the period April 1 to June 30, from 8.7 per cent, at present.

Similarly, the interest rate on KVP will be reduced to 7.8 per cent from 8.7 per cent while senior citizen savings scheme of five years would earn 8.6 per cent interest compared with 9.3 per cent.

Gupta urged the Finance Ministry to take back its decision of slashing interest rates of small saving schemes. Mohd Ali Khan (Cong) raised the issue of private hospitals charging high rates from the common man and sought action against such institutions.

Sanjiv Kumar (JMM) raised concern over the delay in compensation and jobs, as promised, to the farmers whose lands were acquired by the Bokaro Steel Plant.

Mohd Nadimul Haque (TMC) demanded that those minority students who did not get their scholarship amount in 2015-16 due to a technical error should be compensated. He was assured by the Minority Affairs Minister Najma Heptulla that the government is working in this direction.

Vijay Jawaharlal Darda (Cong) raised the issue of frequent fires in buildings and urged the government to take steps to check such incidents as well as conduct safety audit of high rises.

Shamsher Singh Dullo (Cong) expressed concern over the plight of the families affected by terrorism and urged the government to provide compensation to such families.


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