Government starts journey towards zero interest rate on savings

Government starts journey towards zero interest rate on savings

BJP Decreases Interest rates on all types of deposits

BJP starts Journey towards Zero Interest Rate for Deposits small savings

The BJP government on Friday announced a steep cut in interest rates on small savings schemes such as Public Provident Fund (PPF), National Savings Certificate (NSC) and Kisan Vikas Patras

Before this BJP government tried to impose Tax on the premature withdrawal of Provident Fund contribution of the salaried.
But when saw the growing opposition they cancelled their plans.      

The BJP government slashed the interest rates on all small savings schemes, including Public Provident Fund, by 60 basis points, and Kisan Vikas Patra, by 90 basis points.

The new interest rates for 12 small savings schemes, including term deposits of one to five years' maturity, five-year recurring deposit, five-year Senior Citizen Savings Scheme, five-year Monthly Income Scheme, Sukanya Samriddhi Account Scheme, and National Savings Certificate will be for the period of April 1, 2016 to June 30, 2016.

Now onwards, the rates will be reset every quarter, to be better linked with government securities of comparable maturity.

This means we will see more and more reduction in the interest rates on savings.

Majority Indians do not trust anyone in India and go with the safer option of investing money in Bank Fix Deposits or Post Office both give good interest rates.

BJP government has given blow to senior citizens also.

This is moment we must thank Prime Minister Manmohan Singh in last 10 years when he was PM of India he did not gave such blow to middle class,lower class of India.

New rates for April 1, 2016 to June 2016

1-

Scheme Fix Deposit Name – PPF – Public Provident Fund

Current Interest Rate – 8.7

New Interest Rate – 8.1

2-

Scheme Fix Deposit Name – Sukanya Samriddhi Account

Current Interest Rate – 9.2

New Interest Rate – 8.6

3-

Scheme Fix Deposit Name – Senior Citizens savings scheme 5 years

Current Interest Rate – 9.3

New Interest Rate – 8.6

4-

Scheme Fix Deposit Name – Kisan Vikas Patra

Current Interest Rate – 8.7

New Interest Rate – 7.8

5-

Scheme Fix Deposit Name – National Savings Certificate 5 years

Current Interest Rate – 8.5

New Interest Rate – 8.1

6-

Scheme Fix Deposit Name – Monthly Income account 5 years

Current Interest Rate – 8.4

New Interest Rate – 7.8

7-

Scheme Fix Deposit Name – post office deposit 5 years

Current Interest Rate – 8.5

New Interest Rate – 7.9

8-

Scheme Fix Deposit Name – Post office recurring deposit 5 years

Current Interest Rate – 8.4

New Interest Rate – 7.4

9-

Scheme Fix Deposit Name – Post Office deposit 1 year

Current Interest Rate – 8.4

New Interest Rate – 7.1

What will happen because of this?

Banks will give more loans to rich and famous

Banks will give more loans to friends of politicians.

Banks will give more loans to celebrities.

What happens when Banks give loans to industries?
See the NPA, Read CAG Findings
Just Big Frauds, willful defaulters who run away fooling the Indian system with the support of politicians
Rising NPA just shows that how the Indian citizens are getting fooled and selected are becoming richer day and night.

And as usual farmers will keep praying for rain and roti for stomach.

Now Middle Class will find it difficult to send their kids to US or UK for studies if this trend started by BJP continues after year 2019.

BJP has started new journey towards zero interest rate on savings of middle class and lower class.

To support this action of government hundreds of finance people will come out and shout on the television.

But do not forget no one is going to pay to senior citizens in their old age not even kids.

Do not forget banks will not give you loans easily to send your kids to USA or UK for further studies that time you will remember and regret in past you supported the journey of government towards zero interest rate on savings, fix deposits.

Reality views by sm –

Saturday, March 19, 2016

Tags – Money Interest Rate Decrease