A senior citizen has appealed to Arun Jaitley, Finance Minister, the content of which are reproduced. As the appeal is for the benefit of all senior citizens,

A senior citizen has appealed to Arun Jaitley, Finance Minister, the content of which are reproduced. As the appeal is for the benefit of all senior citizens, hence sharing on the facebook.
Quote
"Respected Sir,
A senior citizen is the most vulnerable individual in society today. Deteriorating health, malnutrition, lack of shelter, fear, depression, senility, isolation, boredom, non-productivity, and most importantly financial incapacity are the most common problems faced by senior citizens in India. While it may not be the panacea to aging-related problems, the value of money cannot be overstated in the post-retirement period. A financially- handicapped senior citizen, afflicted with some degenerative or serious illness, practically feels that he/she has reached the end of the road. The central government has sharply reduced interest rates these years on small savings schemes across the board, including that on Public Provident Fund. These days their mere survival has become a challenge with dwindling interest income and galloping inflation. Further reduction in interest rates in the current years, has only added to their misery.

I am 65 years old senior citizen and on 01.08.2012, I put Rs 40 lakhs in a nationalized Bank for 5 years. I was being paid an amount of Rs. 35,352 every month (of course subject to income tax) enabling me to lead a financially-worry-free future life. Now on maturity I have reinvested the amount in the same Bank and I will be paid only Rs. 26,489, a shortfall of Rs. 8863 i.e. 25 percent over the previous return, per month. I am at a loss to understand from where I should make good the loss or sacrifice consumption of medicines or atta or dals or vegetables or fruit or milk etc. It is indeed unfortunate that the government instead of increasing the social security of its senior citizens, snatched or reduced the food from their dining table!

It seems that reduction of interest rates on deposits is inevitable. The government may have political and the theoretical replies for these issues like interest on deposits and advances in banks depend on demand and supply. The prices of daily use items vary with seasons being agricultural products. But the straight upward shoot of prices cannot be justified by these reasons. If the government wants to provide cheaper credits to the trades and industries, it should not be at the cost of elderly depositors. Banks are sitting over volcanoes of NPAs and all good money is being diverted for bad money.

Most importantly it is the duty of the government to enable the senior citizens to lead a respectable life who have spent their golden years in serving various organizations and finally the nation. The government cannot see the other way. I am at a loss to understand from where this deficit of 25 percent would be met. Is any of the minister/MP/MLA is ready to cut his salary and allowances by this percentage? If not, then why the public especially the senior citizens. Perhaps it is because that, like those sitting at helm, we do not have the power to fix our own salaries, allowances and perks and getting everything for full year, for sessions of total of about 3 months and that too attending sessions at their sweet will. Rekha and Sachin Tendulkr are glaring examples.

Earlier in 2014, the government had started a scheme for deposits of senior citizens and the rate was 9.30 percent per annum but in 2017 it was reduced to 8.5 percent per annum; the amount limited to Rs 15 lakh only. This is totally unjustified. The interest rate should be a minimum of 10 percent and the amount limit should be equal to what a person gets as terminal benefits. The government should ensure financial respectability to the senior citizens to walk with their heads straight.

I am sure you will understand the plight of the people whose good part of expenses comes from the interest of their savings of life time. It is humbly requested and appealed to you all in the government to be sensitive towards senior citizens and their families and review government policy on social security to the elderly people of India so that they can have respectable living in their old age. All Banks and Post Offices should be advised to pay minimum 10 percent per annum interest to all elderly people, most of whom survive on the interest income only from their small savings in Banks and Post Offices.