Financial Daily from THE HINDU group of publications
Wednesday, Jul 21, 2004
Financial Daily from THE HINDU group of publications Wednesday, Jul 21, 2004 |
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Opinion
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Letters NSS 1987
Now that the Finance Minister is instituting a new Savings Scheme for Senior Citizens that would fetch 9 per cent interest per annum, he could accord a decent closure to the old scheme NSS 1987 that has had an uninspiring existence for the last 17 years. The contracted rate of interest was 11 per cent but this has been drastically reduced since. Most of the depositors in this scheme are now in their late seventies and eighties. The sore point with NSS 1987 is that any withdrawal, whether of principal or interest, attracts TDS necessitating subsequent running around for refund. The amount at credit in NSS 1987 could be allowed to be transferred to the new scheme for senior citizens, which, it is hoped would be free from the hassles of TDS. P. Chitra Chennai Letters to the editor and contributions can be sent by e-mail to: bleditor@thehindu.co.in
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