Letters: Launch the scheme

Finance Minister Arun Jaitley tweeted that it was "great news for senior citizens"

Prime Minister Narendra Modi, in his address to the nation on New Year’s Eve, announced, among other things, a scheme for senior citizens — guaranteed eight per cent interest on 10-year bank deposits of up to Rs 7.5 lakh. Finance Minister Arun Jaitley tweeted the same day that it was “great news for senior citizens”.

It is surprising that the government and/or the Reserve Bank of India is yet to launch the scheme although 13 days have elapsed in the new year. A large number of people, who have deposited large or small sums of money in their bank accounts and whose term deposits have matured or are about to this month, are eagerly waiting for this scheme.

Premature closure of accounts under the existing Senior Citizens Savings Scheme, 2004, after a year but before two years, attracts deduction of an amount equal to 1.5 per cent of the deposit; after two years, this amount is one per cent of the deposit. I hope such strings won’t be attached to the new scheme.

Ramanath Nakhate   Mumbai

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