C
CHANDRU1849
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It is Rs.15 lakhs or Rs.16 lakhs. I think it is Rs.15 lakhs.
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Interest Rate Cuts -Can It change mindset of indian middle class?
- Thread starter krish44
- Start date
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It is Rs.15 lakhs or Rs.16 lakhs. I think it is Rs.15 lakhs.
When the scheme was started in 2004, the ceiling amount of investment in SCSS was Rs. 15 lakhs.
I have invested in it.
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If the total deposit is more than 15 lakhs, what will happen? Do you mean to say that such persons will not get interest as applicable.
Is that 15/16 lakhs deposit is for individuals or combi ? Why should not you be clear in your reply instead of confusing others.
Ceiling amount is Rs. 15 lakhs. Post office / Banks will not accept more than the ceiling Amount. It hold good for joint accounts also. Spouse alone could be the joint account holder. If spouse is less than 60 years old, deposit will be accepted; no problem.
In case, both he spouses happened to be senior citizens, they could open two accounts of Rs 15 lakhs each.
one account...... husband's name first and wife's name second and
the second account ..... wife's name first and husband's name second
Both accounts could be styled in E or S ( EITHER OR SURVIVOR).
In all cases of joint accounts, money is deemed to belong to that of the first name...... as per Income tax rules.
For further doubts, one could get clarifications from the nearest post office as hearing anything from the lion's mouth would tender greater satisfaction.
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My suggestion for sr citizens.
Do not go near post ofices.
Though the money is secure, it is very difficult to operate Post office instruments .
Banks are a shade better.
Better stick to nationalised banks -large ones like SBI for safety though with lower interest for smoothness of operation.
The concept that one should live on bank interest is not sound.
The net interest rate after compensating for inflation is only1 or 2% .
Most erode their capital in a decade or so.
There is no alternative to savings and investment mix for a decent life along with subsidies from govt for a better life.
I calculated that middle class in capital gets a subsidy on power, water, rail tickets [if one is senior citizen], Govt hotels[ Discounts for seniors], economy air travel,
subsidised food ,medicines[if intamil nadu]. The amounts can be as high as 50k per year on a spend of 4-5 lakhs per year. This is much higher than a poor man in india
with low income.
More one spends in india more is the subsidy.
So live like a king and enjoy a subsidised life.
Do not go near post ofices.
Though the money is secure, it is very difficult to operate Post office instruments .
Banks are a shade better.
Better stick to nationalised banks -large ones like SBI for safety though with lower interest for smoothness of operation.
The concept that one should live on bank interest is not sound.
The net interest rate after compensating for inflation is only1 or 2% .
Most erode their capital in a decade or so.
There is no alternative to savings and investment mix for a decent life along with subsidies from govt for a better life.
I calculated that middle class in capital gets a subsidy on power, water, rail tickets [if one is senior citizen], Govt hotels[ Discounts for seniors], economy air travel,
subsidised food ,medicines[if intamil nadu]. The amounts can be as high as 50k per year on a spend of 4-5 lakhs per year. This is much higher than a poor man in india
with low income.
More one spends in india more is the subsidy.
So live like a king and enjoy a subsidised life.
tbs
0
Yes. I am having a joint a/c in one of the post offices with CBS facility. I retrieved the pass book and verified and found that I have invested Rs.15 only lakhs ( when interest rate was 9%) and a sum of Rs.33750/-is being given automatic credit to my SB a/c, as quarterly interest , regularly. I accept the ceiling amount is Rs 15 lakhs only.Thank you Swaminathan ji. I regret for stating the ceiling amount erroneously, from my memory. This, error in my post have been edited to the extent possible.
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tbs
0
Unless we change the US returned economists and lawyer turned finance minister, we can go only further downhill.
Indian problems have local solutions.
Indian stock market respond only to foreign factors
We are in recession with every sector ailing.
This is rotten economic management.
Now a 6% DA rise again for mostly useless over the hill govt employees and economically ailing pensioners.
The outlook is bleak.
More chants of Rama and temple for Him alone can save this govt.
Indian problems have local solutions.
Indian stock market respond only to foreign factors
We are in recession with every sector ailing.
This is rotten economic management.
Now a 6% DA rise again for mostly useless over the hill govt employees and economically ailing pensioners.
The outlook is bleak.
More chants of Rama and temple for Him alone can save this govt.
Janaki Jambunathan
Active member
Why Not? Chant RamDev - He has Spiritual and Economic clout to save this Govt.Patanjali with its cows generating crores!
Patanjali formulations are giving colgate sleepless nights. Their market share has got reduced.
Marico , dabur are getting hurt by patanjali products in consumer durables space.
Even Art of living guru is coming out with ayurvedic products.
Swamis are the new ambassadors of new india.
There is another Swami who spends time only in taking people to supreme court on daily basis.
Ram naam is the new economic mantra.lol
Marico , dabur are getting hurt by patanjali products in consumer durables space.
Even Art of living guru is coming out with ayurvedic products.
Swamis are the new ambassadors of new india.
There is another Swami who spends time only in taking people to supreme court on daily basis.
Ram naam is the new economic mantra.lol
Economically ailing EPF pensioners will also get benefited .
I happened to go to local post office to encash my NSCs.
After two holidays, only two employees at the counter, one selling stamps and stationery and other for all other savings related works.
A huge queue of 25 plus , many wanting to take advantage of saving rates before 31st march before their downward revision.
The fellow servicing the counter , refused to open any new account before 1st april and telling all to go to other post offices .
A non functional MTNL internet added to his woes.
There was just one supervisor and no post master also.
If this is the way post offices work in the capital, I can imagine how they function elsewhere,
I returned without getting my encashment .
I see no alternative to privatising all these entities at the earliest.
They have no place in new economy.
When one see many senior citizens there wanting an extra half a % in new SCSS etc and subjected to hardships, my heart goes out to them
The utter callous way these post offices operate , caring the least about the public wanting to deposit or withdraw money sends a clear message that there is something
seriously wrong with the management of these units.
They are not running for providing efficient service to the public.
After two holidays, only two employees at the counter, one selling stamps and stationery and other for all other savings related works.
A huge queue of 25 plus , many wanting to take advantage of saving rates before 31st march before their downward revision.
The fellow servicing the counter , refused to open any new account before 1st april and telling all to go to other post offices .
A non functional MTNL internet added to his woes.
There was just one supervisor and no post master also.
If this is the way post offices work in the capital, I can imagine how they function elsewhere,
I returned without getting my encashment .
I see no alternative to privatising all these entities at the earliest.
They have no place in new economy.
When one see many senior citizens there wanting an extra half a % in new SCSS etc and subjected to hardships, my heart goes out to them
The utter callous way these post offices operate , caring the least about the public wanting to deposit or withdraw money sends a clear message that there is something
seriously wrong with the management of these units.
They are not running for providing efficient service to the public.
For SCSS people should go to banks. Their service is better than post office. If you go to the bank where you have account with photo xerox of PAN, address etc etc, the scss account will be opened on same day. R Rajan will be reducing interest after April.
As of now both from interest rate & security of deposit, SCSS is best.
PLEASE PASS ON THE INFORMATION TO ALL YOUR SENIOR FRIENDS & RELATIVES.
As of now both from interest rate & security of deposit, SCSS is best.
PLEASE PASS ON THE INFORMATION TO ALL YOUR SENIOR FRIENDS & RELATIVES.
C
CHANDRU1849
Guest
If you have SB Account with Post Office, the interest earned from Monthly Income Scheme and Senior Citizens Deposit Scheme will be automatically credited, if you opt for it at the time opening accounts. Added to this, specific Post Offices have ATM facility - Mylapore Branch in Kutcheri Road has such facility - for easy withdrawal.
The problem in most of the cases is frequent breakdown of system.
The rate of interest is reasonably attractive even after revision, compared to Nationalized Banks.
Janaki Jambunathan
Active member
ATM is available here but can be used in their machines only
After two days of holidays, any office would be crowded.Even Banks would be crowded.
It would be unwisse for cutomers who could not afford to wait in "Q" to select a day after 2 holidays to go to Post office or any office for that matter.
Without a personal plan of action and time management concept, blaming the offices to the core, exposes one's own weakness and lack of application of mind.
Very recently post office have opened ATMs, in a few selected places.
After stabilisation of system in Post offices, I hope Director of Postal Accounts will make arrangements with all PSU Banks for utilising their ATMs.
In case a customer have SCSS a/c and SB a/c with Cheque Book facility, he could transfer the interest credited to his
postal SB a/c to a bank a/c , by using a postal cheque through clearing.I used to do it only in periodical interval, with out waiting in "Q" anywhere.
Another RBI review on 5th april for considering interest rate cuts. Since post office rates are lowered already, fed has not raised interest rates , RBI is likely to lower rates
by atleast 25 basis points. Only speculation is wheher it will be 50 or 25 basis points.Last year it was cut by 125 basis points by RBI but banks did not transmit it in full to all
for lending. So expect downward revision of FD rates in keeping with a lower interest rate regime. Assuming an average inflation of 5%, the interest rates cannot be higher
than 6.5 or 7 %. So more suffering for pensioners[ they may get 0.5%] interest more thats all.Real interest rates after discounting inflation is 1.5 to 2 %.
The concept of living on bank interest which seniors have is faulty.
They need to have some investment options also in their finance profile.
by atleast 25 basis points. Only speculation is wheher it will be 50 or 25 basis points.Last year it was cut by 125 basis points by RBI but banks did not transmit it in full to all
for lending. So expect downward revision of FD rates in keeping with a lower interest rate regime. Assuming an average inflation of 5%, the interest rates cannot be higher
than 6.5 or 7 %. So more suffering for pensioners[ they may get 0.5%] interest more thats all.Real interest rates after discounting inflation is 1.5 to 2 %.
The concept of living on bank interest which seniors have is faulty.
They need to have some investment options also in their finance profile.
Another RBI review on 5th april for considering interest rate cuts. Since post office rates are lowered already, fed has not raised interest rates , RBI is likely to lower rates
by atleast 25 basis points. Only speculation is wheher it will be 50 or 25 basis points.Last year it was cut by 125 basis points by RBI but banks did not transmit it in full to all
for lending. So expect downward revision of FD rates in keeping with a lower interest rate regime. Assuming an average inflation of 5%, the interest rates cannot be higher
than 6.5 or 7 %. So more suffering for pensioners[ they may get 0.5%additional interest more thats all].Real interest rates after discounting inflation is 1.5 to 2 %.
The concept of living on bank interest which seniors have is faulty.
They need to have some investment options also in their finance profile.
by atleast 25 basis points. Only speculation is wheher it will be 50 or 25 basis points.Last year it was cut by 125 basis points by RBI but banks did not transmit it in full to all
for lending. So expect downward revision of FD rates in keeping with a lower interest rate regime. Assuming an average inflation of 5%, the interest rates cannot be higher
than 6.5 or 7 %. So more suffering for pensioners[ they may get 0.5%additional interest more thats all].Real interest rates after discounting inflation is 1.5 to 2 %.
The concept of living on bank interest which seniors have is faulty.
They need to have some investment options also in their finance profile.
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