Whatever said and done, from here on Senior citizens current savings pack will fetch you less interest and it is a bad news. The retired people solely depend on monthly interest as the main income and the dream of just relying on them is a thing of the past and people will think twice before investing in savings scheme. The hard earned money is invested in such savings schemes and when those yield less interest then planning the monthly budget becomes highly tight and seniors will have to look for an alternative to earn more. Union Finance Ministry has touched even public provident fund and 5 year NSCs as well. Thus living a simple life with high cost of commodities appear just hand to mouth and it is a body blow for seniors.
(The views expressed by the author in the article are his/her own.)
