CUT IN INTEREST RATE FOR SMALL SAVINGS SCHEMES
NFPE WRITES TO THE HON`BLE MOC
National Federation of Postal Employees
1st Floor North Avenue Post Office Building, New Delhi-110 001
Phone: 011.23092771 e-mail: firstname.lastname@example.org
Mob: 9868819295/9810853981 website: http://www.nfpe.blogspot.com
PF-35(SB)-2016 Dated: 21st March, 2016
Shri Ravi Shankar Prasad
Hon`ble Minister of Communications & IT,
Government of India,
New Delhi-110 001
Sub: Cut in interest rate for small savings schemes.
As you are aware that the Government of India, Ministry of Fiancé, Department of Economic Affairs (Budget Division) vide F.No.1/04/2016-NSII dated 18th March -2016 has issued orders to cut the interest rates for Small Savings Schemes which will adversely affect the poor people and customers in Post Offices.
Already due to CBS related problems thousands and thousands customers have closed their accounts in Post Offices. Further this cut in small savings schemes like, NSC, KVP, PPF,MIS, Sr. Citizen Savings Schemes and Sukanya Samriddhi Yojna will force them to invest their money in some other schemes.
It is therefore requested to kindly utilize your good office and convince the Finance Ministry to exempt Small Savings Schemes in Post Offices from interest cut to protect interests of common man.