— Photo:K. Pichumani
RECOGNITION: Finance Minister K.Anbazhagan giving away the first prize at the World Thrift Day celebrations in Chennai on Tuesday. (From left) V.P. Duraisamy, Deputy Speaker, and Small Savings Advisory Council vice-chairman Vijaya T. Rajender , are in the picture.
CHENNAI: The need for people investing their hard earned money in schemes of reputed and longstanding financial institutions and postal savings was stressed by speakers at the World Thrift Day celebrations here on Tuesday.
They cited the plight of depositors, who had parked their funds with some non-banking financial companies. People should not be carried away by high rates of interest and incentives.
Several avenues
Inaugurating the celebrations, Finance Minister K. Anbazhagan said everyone should save a portion of their surplus income so that it would help them in times of need.
By cutting down unwanted expenditure, one would be able to save, thereby leading to improvement in their standard of living.
He said there were several avenues for investment.
People should use the opportunity wisely to secure their future.
For the last few years, Tamil Nadu was in the forefront of small savings mobilisation in the country.
Chief Minister M. Karunanidhi, whose message was read out at the function, urged people to open post office savings account or make deposits in a nearby post office.
Deputy Speaker V.P. Duraisamy said recent incidents had created awareness among villagers, who had started to invest in co-operative societies and co-operative banks in their regions.
Assured returns
Small Savings Advisory Council vice chairman T. Rajender stressed the need for investing in post offices.
“The interest rates might be low, but post offices provide assured returns on time. Even before assuming this position, I had started investing in recurring deposits and Public Provident Fund.”
Post Master General, Mails & Marketing, K. Ramachandirann, explained the salient features of each scheme that offered assured returns and capital on maturity.
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