Every three months, it is decided to reduce or increase the
interest of small savings schemes run by the government. Most of the experts
believed that in the last quarter itself, the rate had become low, but the
government did not know why. If not done then it is done now. But this decision
has been taken at a time where its noise is very low, but the beating will be
very deep. Especially those who are surviving only on earning interest. There
are more people in it, who either do not get a pension at all, or they do not get
what they want.
Many such people deposited money by saving during their jobs,
opening a recurring deposit or fixed deposit. And there are many who have
always kept either money in the post office account, or saved with the help of
time deposit or recurring deposit.
Then there is also no less number of people who have been
buying National Savings Certificate or NSC for saving tax and hoping that when
their earnings stop, then the income from this savings will be spent on them.
This expectation was also the basis. Twenty years ago, these schemes used to
get tax rebate and higher interest from the market.
The interest used to be between eight and a half per cent to
ten per cent. Kisan Vikas Patra used to get 10.3 per cent interest. These two
benefits and the government's guarantee. This was enough to draw people towards
these schemes. And that's why many people from the middle class and lower middle
class used to invest in these schemes. By the end of the year 2018-19, these
schemes had deposits of more than nineteen lakh crores.
For a long time, these schemes were also impacted by the fall
in interest rates. But at the same time, there was constant pressure on the
government from the banking industry to reduce their rate. The reason was that
due to their high rate, people instead of keeping money in the bank, pull
towards these schemes. This is the reason that in the last quarter itself, it
was anticipated that there might be a rate cut, and this time it was bound to
happen.
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