Monday, February 22, 2010

K P Natarajan, Madurai

When one of your illustrious predecessors (I mean Hon Yeshwant Sinha)offered Voluntary Retirement to Bankers,I took it in December 2000,though I was to be paid my retirement benfits in Provident Fund and not Pension.The Honourable Minister true to his Government, knew that many of us would invest in PPF accounts yielding 12% pa.He slashed the rates in Feb 2001! Content with the then availble return on Deposits, I was managing my both ends.But in the later part of 2002, when the interest rates started falling, I was forced, much against my wishes to invest part of my savings in the stock market.(Thanks to The Hindu Businessline and their tips I could keep my head above water!)When the market nearly tanked in Jan 2008, it is the advance against FDs that saw me to this day.
To help us to keep the wolves from our Doors,KINDLY HEAR S S TARAPORE (EX DY GOVERNOR RBI)AND GO FOR INFLATION INDEXED BONDS (The Hindu Business line of 12th Feb 2010)to save we senior citizens.
The provocation to send this letter is 'Loans against FDs may lose sheen,' The Hindu Businessline of today.Please tell the Babus of RBI to keep Base Rate Scheme out of bounds for Advances against Banks own FDs, where the rate is now linked to the deposit rate.
If you heed what I have requested, the number of retired employees who have left the Banking service, taking Provident Fund, MAYNOT, exercise their option to switch over to Pension with retrospective effect.This might save lot of future costs for the Banks in paying Pension.
K P Natarajan.'Shri Krishna' C 90 Teacher's ColonyTirunagar, Madurai 625006.

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