Opinion - Letters to the Editor   

Enhance deposit limit

Sir, — C. Rammanohar Reddy (July 21) rightly says, ``A shortage of safe investment avenues does make it difficult for the households to decide where they can put their savings.''

It is a daunting problem for senior citizens who depend on the interest earned from deposits for their survival. Almost all monthly income schemes are non-existent and the only available option is the Post Office Monthly Income Scheme (POMIS).

In POMIS, the interest has come down to nine per cent from 13 in five years. To get the same amount of interest, the deposit should be increased to five lakhs from the existing three with a corresponding increase in the case of joint accounts.

My plea is to make the POMIS give a helping hand to senior citizens by enhancing the limit of deposit and by safeguarding the present rate of interest.

U.V. Kini,
Mysore

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