Dear Comrades,
The postal authorities introduced the “Senior Citizens Scheme” and paid an interest of 9 per cent on their deposits when nationalised banks were paying only 7 or 7.5 per cent interest. But the post offices paid the interest only on money deposited for five years. Now the interest rates in nationalised banks and private banks vary between 9 and 11 per cent.
I, therefore, request the postal authorities to either increase the rate of interest to 10 per cent or allow senior citizens premature closure of their deposits without levying any penalty, in view of their welfare. This will be a boon to senior citizens who have deposits in post offices.
Opinion/Letter by B. Srinivasan, Chennai
In the past, we used to carry huge amounts of cash or travellers' cheques while travelling long distances. But thanks to Automated Teller Machines (ATMs), people with ATM credit and debit cards can withdraw the necessary cash when they need it in both India and abroad.
Compared to nationalised banks, post office savings banks have a vast network. They have branches in remote villages too but they do not have ATM facility. I appeal to the Chief Postmaster-General to please do the needful.
http://www.thehindu.com/opinion/letters/article2848489.ece
