Senior Citizens retirement plans going for a toss

For bank fixed deposits in India:
2016: 9.3% interest
2019: 8% interest
2021: 5.5% interest

Senior citizens retirement plans must be under water unless they did enough equity investing early

The life of senior citizens is in peril more  

View all 14 comments Below 14 comments
Invest in public sector bonds... returns are much better more  
Fixed deposits are now suitable only for safe keeping large amounts of money. It still earns some interest. We should feel lucky that the banks don't charge us for maintaining these deposits. The idea of living out of interest paid on your fixed deposits is in anyway not a good idea. more  
You are right Subhash Sharna Ji. Even on FDs we are paying Taxes in the form TDS. How many of us are actually asking for a refund while filing the ITR?
The government is giving FREEBIES from our money.

Quote "Aditi Jain
Senior Citizens retirement plans going for a toss
For bank fixed deposits in India:
2016: 9.3% interest
2019: 8% interest
2021: 5.5% interest. Unquote.

The rate of Interest in the Banks is going down day by day for FDs. Other deposits are quite risky though they give higher rate interest. At this age, we require liquidity for any emergency. Premature withdrawal in any of the deposits, you lose a lot of money. more  
I think the time has come that we have to catch hold of some Political party/ Powerful Politicians and let him put this issue before Parliament. Without Political back up, it is difficult to achieve our target/aim. Probably Delhi Guy of our Group can help in this matter. H.P.Gurg more  
Gurg Sir....Instead of Politician, if someone from us knows any reporter in the news channel or any media person. They would love to raise this issue for their TRP. more  
Just perfect. Gurg Sir any Politician from any state can raise the issue. Though I am from Delhi but I do not have any political contacts. Politicians do not do anything for FREE. more  
There should be a provision under National Pension Scheme, where persons of 60 and above are allowed to put their savings including amount accrued under NPS and with fixed return of 10 percent along with free medical insurance for the family including dependents. I do not know, but I am told that NPS is being improved to allow extension of deposits of funds accrued under NPS and to earn same return as received during continuation of scheme upto the age of 60. The scheme has given returns above 10 percent of course with a mix of deposits. Govt. may like to consider to further improve the scheme for existing senior citizens with higher returns and security of funds. more  
Aditi is right. The money saved by Senior Citizens for their old age was sufficient for their survial. But now it is not enough even for their besic needs. Many of us have to again take up work to earn some money to support our paltry income from interest. Most senior citizens may not have to chance to work for additional income or no physical fitness to continue their work. Such Sr. citizens are in really in pricarious conditions. Government also does not care for this section of the society. more  
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