Financial Daily from THE HINDU group of publications
Tuesday, Aug 17, 2004
Financial Daily from THE HINDU group of publications Tuesday, Aug 17, 2004 |
||
|
|
||
|
Money & Banking
-
Financial Policy Govt spells norms on 2 retiring staff schemes interest Our Bureau
New Delhi , Aug. 16 THE Finance Ministry on Monday spelled out the interest treatment on the accumulations in two of its deposits schemes — the Deposit Scheme for Retiring Government Employees, 1989 and the Deposit Scheme for Retiring Employees of Public Sector Companies, 1991. For those deposits that mature on or before September 13, the Ministry has now said that it will cease to earn any interest after September 13. Similarly, deposits maturing after September 13 will not earn any interest for the period after the date of their maturity. According to official sources, "The interest payment treatment is being spelled out to enable the depositors to take an informed judgement about moving into other schemes." The Government had recently announced a senior citizens savings scheme on August 2 that also allowed citizens who have retired under a VRS and have attained the age of 55 years to be eligible for the savings scheme so long as certain conditions are met. This scheme provides for 9 per cent interest per annum.
More Stories on : Financial Policy | Interest Rates
Article E-Mail :: Comment :: Syndication :: Printer Friendly Page
|
Stories in this Section |
|
The Hindu Group: Home | About Us | Copyright | Archives | Contacts | Subscription Group Sites: The Hindu | Business Line | Sportstar | Frontline | The Hindu eBooks | The Hindu Images | Home |
Copyright © 2004, The
Hindu Business Line. Republication or redissemination of the contents of
this screen are expressly prohibited without the written consent of
The Hindu Business Line
|