Senior Citizen Savings Scheme deposits rise during note ban

By: | Published: March 31, 2017 4:57 PM

The Senior Citizen Savings Scheme witnessed a surge in deposits post-demonetisation with 32,634 deposits made during November 9 to December 30, 2016, Parliament was informed today.

The Post Office Senior Citizen Savings Scheme was availed by 3.10 lakh individuals in 2015-16.

The Senior Citizen Savings Scheme witnessed a surge in deposits post-demonetisation with 32,634 deposits made during November 9 to December 30, 2016, Parliament was informed today. “32,634 deposits were made in the Senior Citizen Savings Scheme during demonetisation period which is higher than the average deposits in two months of the pre-demonetisation period based on the figures of last three years,” Communications Minister Manoj Sinha said in a written reply in Rajya Sabha,  said a PTI report today.

No survey was conducted in this regard, the minister pointed out. Also, the government is not considering any proposal to include more benefits in the Senior Citizen Savings Scheme, he added. The Post Office Senior Citizen Savings Scheme was availed by 3.10 lakh individuals in 2015-16, against 88,208 in 2014-15, and 1.22 lakh individuals in 2013-14, according to information shared by the minister.

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Today, the government has also lowered interest rates on small saving schemes like PPF, Kisan Vikas Patra and Sukanya Samriddhi scheme by 0.1 per cent for the April-June quarter, a move that would prompt banks to cut their deposit rates.

With this, while investments in the Public Provident Fund (PPF) scheme will fetch lower returns of 7.9 per cent as against 8 per cent earlier, Kisan Vikas Patra (KVP) investments will yield 7.6 per cent and the Sukanya Samriddhi Account Scheme will offer 8.4 per cent annually as against 8.5 per cent at present. Also, term deposits of 1-5 years will fetch a lower 6.9-7.7 per cent return that will be paid quarterly, while the 5-year recurring deposit has been pegged lower at 7.2 per cent, said a PTI report today.

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