Kerala - Kozhikode   

Hike interest rate: savings agents

KOZHIKODE: The National Savings Agents Association, Kozhikode, has appealed to the Centre to increase the interest rate on deposits to one per cent more than the rate given by nationalised banks as had been the practice earlier.

M. Muraleedharan, general secretary, said the National Savings Scheme could be maintained only if this step was taken. A 10 per cent bonus must also be declared on the monthly investment plan. He explained that NSS deposits to the tune of Rs. 1,00,000 crore were withdrawn due to low interest rate.

Nationalised banks had hiked the interest rate on deposits to 10 per cent. Under NSS, the deposit rate was slashed to eight per cent and bonus, to five per cent.

Memoranda were submitted to Union Finance Minister P. Chidambaram and UPA Chairperson Sonia Gandhi highlighting the need to save the scheme that provided livelihood to thousands of agents, most of them, women.

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