Tamil Nadu - Madurai

“Small savings have shown declining trend”

MADURAI: Small savings have shown, in recent years, a declining trend because of the low interest rates compared to that of the bank. Since people opt for shares and mutual funds, the small savings sector needs support both by relatively higher interest rates and fiscal concessions said, A. Rahman Khan, vice-president, Tamil Nadu Small Savings Corporation.

Addressing reporters here on Monday he said review meetings would be conducted in every district and assessments done on what measures could be taken to stimulate the growth of small savings.

The vice-president called upon the public to invest more in small savings, as it ensured safety than losing money in private institutions.

He asked officials to put more efforts to achieve the target, which had not been achieved and was seeing a downward trend ever since lowering of interest rates.

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