Opinion - Letters to the Editor   

Savings scheme

Sir, — The new savings scheme notified by the Government for senior citizens at nine per cent interest does not seem to meet the requirement for which it was perhaps designed. Instead, the eight per cent interest offered in the existing Monthly Income Scheme can be increased to nine per cent for senior citizens.

M.R. Srinivasan,
Chennai

Sir, — According to Rule 3 (2) of the rules under the scheme, a depositor can operate more than one account subject to the condition, among others, that not more than one account is opened in a calendar month and that the deposits in all such accounts should not exceed Rs. 15 lakhs. This is not a one-time investment as feared by T.S. Kalyanaraman in his letter (Aug. 12).

P.R.R. Nayar,
Thiruvananthapuram

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