Do you remember that a warning was given 4 months back that the interest rates on small savings will be down shortly ? Now that happens !
Yesterday, Govt announced the slashing of interest rates for all Small Saving schemes .
Now PPF will earn only 8.1 % against 8.7 % last year.
All term deposits will also be down by 0.6 to 1.3 % (depending on the term).
Who loses ? Yes we retired people !
But think about "Who benefits ? "
No doubt, the Banks and Kingfishers !! With lower interest rates, the money outgo will be less. ie. the Banks will have more money to lend. That gives plenty of opportunities for the king-fishers to get their bates. The banks are already ready for new kingfishers !!
Yesterday, Govt announced the slashing of interest rates for all Small Saving schemes .
Now PPF will earn only 8.1 % against 8.7 % last year.
All term deposits will also be down by 0.6 to 1.3 % (depending on the term).
Who loses ? Yes we retired people !
But think about "Who benefits ? "
No doubt, the Banks and Kingfishers !! With lower interest rates, the money outgo will be less. ie. the Banks will have more money to lend. That gives plenty of opportunities for the king-fishers to get their bates. The banks are already ready for new kingfishers !!
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