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A poor EPS 95 Pensioner writes
The Prime Minister,
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A senior citizen is writing an open letter to the PM’s office.
I am a senior citizen and deposited ₹ 20 lakh in a nationalized bank for 5 years on 01 Aug 2012.
I was being paid ₹17676.00 interest amount every month, which enabled me to lead a worry-free life financially.
On the maturity date when the bank reinvested the amount, now I am getting only ₹ 10416 interest i.e. ₹ 7260/per month less. Which is being paid at the rate of 40% less than the previous return.
Can you advise me why should I take this loss or give up my medicines, flour, pulses, vegetables, fruits, milk, etc.?
After assuming power in 2014, nothing has been done and no facilities have been provided for the senior citizens.
But what existed in 2014 was also withdrawn.
No goods or services are available due to inflation at the year 2014 price.
Yes, you have been able to get data on inflation and indices, but not on actual prices.
Even the senior citizens are not able to dare to use the essential items of daily life like flour, pulses, rice, salt, gram flour, onion, tomato, green vegetables, etc.
I know you have answers for these issues like interest on deposits/advances in banks is demand and supply dependent.
The prices of commodities of daily use vary with the seasons of agricultural products.
But the sharp upward movement of prices cannot be justified for these reasons.
If the government wants to provide cheap credit to industries, it must.
But not at the cost of interest on seniors’ deposits.
Banks are sitting on a volcano of NPAs and all good money is being diverted to bad money.
Isn’t it the duty of the government to enable the senior citizens to lead a dignified life who have spent thousands of days/30-40 years of their golden life by working in various organizations in the service of the nation?
I don’t understand how to make up for this 40% income gap when inflation has gone up by more than 200%.
Or is any Central and State Government Minister / MP / MLA ready to cut his salary and allowances from this percentage? If not, then why should only senior citizens bear it.
Maybe it is because like you we do not have the power to revise our own pay perks and perks from time to time. Salary allowances etc. are given for the whole year for working in a session of only 3 months in a whole year.
When it comes to increasing your salary, then in a minute or two without any discussion, all the ruling and opposition are together.
For this growth, you don’t look at the treasury, deficit, economics, and any other factors.
The government had earlier introduced a scheme for senior citizens deposits of 9.20% but this was reduced to 8.3% in July, and then to 7.4% in May 2020. Further, the maximum limit for deposits has been raised to Rs 15 lakh only. which is unfair.
It is requested that the minimum interest rate for Senior Citizens be increased to 12% and the maximum amount limit should be equal to the terminal benefits of an individual.
The government should ensure financial respect to senior citizens.
I am sure you must understand the plight of those people who get their share of current expenditure from the interest of their lifetime savings.
I’m sorry if I offended you in any way.
thanks and regards
All Indian Senior Citizens
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